We would like to congratulate all of the winners of last month's election. For the newly elected legislators who will take the oath of office in January, welcome to Trenton. For those who were reelected, welcome back.

Now, let's talk about property taxes. Better yet, let's talk about municipal property tax relief. Or, more accurately, let's talk about the relative lack thereof.

In the state's 1995 fiscal Year, property tax relief funding to municipalities equaled $1.7 billion. It went down to $1.6 billion in FY '96; came back up to $1.7 billion in FY '97; then dropped back to $1.6 billion for FY '98, '99 and 2000. In FY 2001. like Lazarus, it rose again — to $1.7 billion. And there it has remained through FY '02, '03 and our current Fiscal Year, 2004.

At the beginning of those ten years, total state revenues equaled $15.3 billion. This year, they are estimated to be $24 billion. That's an increase of 57 percent.

And that compares to an increase in municipal property tax relief funding of 0 percent.

In good economic times, and in bad — in fiscal sickness, and in fiscal health — the state Treasury has gotten richer ... and local coffers have gotten poorer. Oh, and by the way, property taxes have continued to climb, as well.

Based on the Implicit Price Deflator, used to determine our annual Cap rates, the cost of doing the public's business here in our Garden State has increased by about 25 percent, since 1995.

When New Jersey's 211^th Legislature is sworn in on January 13, I hope our state Senators and Assembly Members remember these facts and figures. But just in case, we plan on reminding them.

FROM 407 WEST STATE STREET.....   The More Things Change... William G. Dressel, Jr. Executive Director New Jersey League of Municipalities We would like to congratulate all of the winners of last month's election. For the newly elected legislators who will take the oath of office in January, welcome to Trenton. For those who were reelected, welcome back. Now, let's talk about property taxes. Better yet, let's talk about municipal property tax relief. Or, more accurately, let's talk about the relative lack thereof. In the state's 1995 fiscal Year, property tax relief funding to municipalities equaled $1.7 billion. It went down to $1.6 billion in FY '96; came back up to $1.7 billion in FY '97; then dropped back to $1.6 billion for FY '98, '99 and 2000. In FY 2001. like Lazarus, it rose again — to $1.7 billion. And there it has remained through FY '02, '03 and our current Fiscal Year, 2004. At the beginning of those ten years, total state revenues equaled $15.3 billion. This year, they are estimated to be $24 billion. That's an increase of 57 percent. And that compares to an increase in municipal property tax relief funding of 0 percent. In good economic times, and in bad — in fiscal sickness, and in fiscal health — the state Treasury has gotten richer ... and local coffers have gotten poorer. Oh, and by the way, property taxes have continued to climb, as well. Based on the Implicit Price Deflator, used to determine our annual Cap rates, the cost of doing the public's business here in our Garden State has increased by about 25 percent, since 1995. When New Jersey's 211th Legislature is sworn in on January 13, I hope our state Senators and Assembly Members remember these facts and figures. But just in case, we plan on reminding them.