Webber’s property tax relief bill could generate $331 million in taxpayer savings

By Matt Rooney | The Save Jersey Blog

Jay Webber
Jay Webber

It’s not much, Save Jerseyans, but it’s something.

Earlier Monday, legislation sponsored by Assemblyman Jay Webber (R-26) got the okay from the State and Local Government Committee today.

If passed by the full legislature and signed by Chris Christie, A-302 would augment monies to municipalities from the energy tax receipts program; towns would also be required to deduct any additional aid from their adjusted tax levies. The new arrangement would be phased in over the course of five years. The goal: provide a little more property tax relief.

“It’s time to use the energy tax receipts to provide its intended relief for property taxpayers,” explained Webber. “The money was a promise of relief for property taxpayers, and using it for anything else is unacceptable. Restoring funding can keep that promise and begin lowering property tax bills.”

Asm. Webber believes the total savings for taxpayers will come in around $331 million. Here’s a break-down from his office, by year, utilizing some North Jersey counties in town to illustrate A-302’s desired implementation:

________

Year 1: $67,425,727-(20%)

Year 2: $134,851,453-(40%)

Year 3: $202,277,180-(60%)

Year 4: $269,702,906-(80%)

Year 5: $337,128,633-(100%)

________

Municipality

FY17 +20%

FY18 +40%

FY19 +60%

FY20 +80%

FY21 +100%

Essex County

 

 

 

 

 

Fairfield Borough

$100,918

$201,837

$302,755

$403,674

$504,592

North Caldwell Borough

$38,335

$76,670

$115,004

$153,339

$191,674

Verona Township

$69,525

$139,050

$208,574

$278,099

$347,624

West Caldwell Township

$86,672

$173,344

$260,016

$346,688

$433,360

Morris County

 

 

 

 

 

Butler Borough

$67,332

$134,665

$201,997

$269,330

$336,662

Jefferson Township

$109,004

$218,008

$327,012

$436,016

$545,020

Kinnelon Borough

$47,425

$94,850

$142,274

$189,699

$237,124

Lincoln Park Borough

$52,910

$105,821

$158,731

$211,642

$264,552

Montville Township

$135,127

$270,254

$405,380

$540,507

$675,634

Morris Plains Borough

$52,599

$105,197

$157,796

$210,394

$262,993

Parsippany-Troy Hills Township

$270,981

$541,781

$812,672

$1,083,562

$1,354,453

Rockaway Township

$90,941

$181,883

$272,824

$363,766

$454,707

Passaic County

 

 

 

 

 

West Milford Township

$137,678

$275,357

$413,035

$550,714

$688,392

           

Total

$1,259,447

$2,518,667

$3,778,070

$5,037,430

$6,296,787

________

County

FY17 +20%

FY18 +40%

FY19 +60%

FY20 +80%

FY21 +100%

Essex County

$7,679,576

$15,359,152

$23,038,728

$30,718,304

$38,397,880

Morris County

$3,020,244

$6,040,488

$9,060,731

$12,080,975

$15,101,219

Passaic County

$3,438,636

$6,877,272

$10,315,907

$13,754,543

$17,193,179

 

 

 

 

 

 

Total

$14,138,456

$28,276,912

$42,415,366

$56,553,822

$70,692,278

______

Matt Rooney
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MATT ROONEY is SaveJersey.com's founder and editor-in-chief, a practicing New Jersey attorney, and the host of 'The Matt Rooney Show' on 1210 WPHT every Sunday evening from 7-10PM EST.