GET READY TO PAY MORE!
June 3, 2020
TRENTON, NJ (MERCER)–“New Jersey COVID-19 Emergency Bond Act,” authorizes issuance of State bonds totaling $5 billion and authorizes borrowing from federal government.
The bill is sponsored by: Eliana Pintor Marin, Democrat, District 29, Essex County.
This is a new proposed tax in the State of New Jersey on personal property and real estate as the bill is written and will be tacked on to your already high property tax bill.
If this bill passes and signed by Governor Murphy, get ready for your property taxes to go up even more with this new state tax.
This is New Jersey and a new property tax will be started under the disguise of good intentions but will be anything but. This is just a way to get a foot in the door to add a State of New Jersey Tax on your property tax bill.
In the fine print of the 23 page bill:
Page 21, Under # 23 b.
“…there shall be assessed, levied, and collected annually in each of the municipalities of the counties of this State, a tax on the real and personal property upon which municipal taxes are or shall be assessed, levied, and collected, sufficient to meet the interest on all outstanding bonds issued hereunder and on the bonds proposed to be issued under this act in the calendar year in which the tax is to be raised and for the payment of bonds falling due in the year following the year for which the tax is levied. The tax shall be assessed, levied, and collected in the same manner and at the same time as are other taxes upon real and personal property. The governing body of each municipality shall cause to be paid to the county treasurer of the county in which the municipality is located, on or before December 15 in each year, the amount of tax herein directed to be assessed and levied, and the county treasurer shall pay the amount of the tax to the State Treasurer on or before December 20 in each year”
Page 22, Under 24
“…State Treasurer shall certify to the Director of the Division of Budget and Accounting in the Department of the Treasury the amount necessary to be raised by taxation for those purposes, the same to be assessed, levied, and collected for and in the ensuing calendar year. The director shall, on or before March 1 following, calculate the amount in dollars to be assessed, levied, and collected in each county as herein set forth. This calculation shall be based upon the corrected assessed valuation of each county for the year preceding the year in which the tax is to be assessed, but the tax shall be assessed, levied, and collected upon the assessed valuation of the year in which the tax is assessed and levied. The director shall certify the amount to the county board of taxation and the treasurer of each county. The county board of taxation shall include the proper amount in the current tax levy of the several taxing districts of the county in proportion to the ratables as ascertained for the current year.”
Page 22, Under 25
This act shall take effect immediately
Download the entire bill at the following link below:
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