By Matt Rooney | The Save Jersey Blog
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 |
______