Senators O’Scanlon and Testa have introduced S-3906, the “Give It Back” property tax relief plan. The plan calls for $4.32 billion from the New Jersey Debt Defeasance & Prevention Fund to be appropriated to each municipality and county with $3 billion to municipalities and $1.32 billion to counties.
The funds would be allocated to on a per capita basis. The allocations to municipalities range from $2,260.74 to $100,618,753.76. The funds would have to be used to retire local debt or fund capital projects on a pay as you go basis.
The bill awaits consideration by the Senate Budget and Appropriations Committee. No Assembly companion bill has been introduced.
Contact: Lori Buckelew, Deputy Executive Director & Director of Government Affairs, firstname.lastname@example.org, 609-695-3481, x112.