Decline of Real Estate Tax in New Jersey

Decline of Real Estate Tax in New Jersey

Bill Dressel, an executive director of the New Jersey State League of Municipalities, said the credit should be given to the municipal leaders fending off rising costs. According to him, “The cost of conducting the publics business far exceeds 2 percent. The fact that they keep them as low as they can isn’t because of some artificial spending cap,” he said. “I think what’s working are local officials who are literally doing the best they can at keeping costs down. With a cap or without a cap, I think local officials are doing the best they can.” According to Dressel, the efforts of the municipal leaders came up against a string of costly ice storms that racked up costs and blew up towns’ budgets across the state. He said, “These were extraordinary events, extraordinary costs that had to be borne by the community. I would dare say every municipality exceeded their budget because of the magnitude and severity of those storms.” According to the law of real estate tax in New Jersey, the average homestead rebate calculation in its annual tax tables is not included by the Department of Community Affairs. The government under Christie’s administration removed that data after New Jersey Spotlight report showed that when homestead rebates are deducted, net property tax bills increased more in Christie’s first three years in office than that of Corzine. Later of this methodology and conclusions were challenged by the Treasury Department. Democratic lawmakers in real estate tax introduced a bill last year that force Christie’s administration to restore the information about the average homestead credit payment and the net average property tax bill after the credit is applied. According to the eminent domain and real estate tax in New Jersey, the government possesses power to exercise the eminent domain by following the strict rules prescribed in by the prosecution. But the power should be exercised in a constitutional manner. The procedure for acquisition of land should be in accordance with the rules provided in the statutes by the legislatures [vi]. Statutes conferring and circumscribing the power of eminent domain must be strictly construed. New Jersey legislature has the provision of delegating the power of eminent domain to a party known as a condemner. A condemner is given broad discretionary power which can be applied only in good faith according to due process of law [vii].

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