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May 16, 2011

Re:      S-2762 - Commercial and Industrial Property Tax Refunds Released from Committee

Dear Mayor:

Last Thursday the Senate Community and Urban Affairs Committee amended S-2762 and released the amended bill from committee. The bill now heads to the full Senate and can be scheduled for a vote as soon as May 23. 

S-2762, as amended, would permit a municipality to pay commercial and industrial property tax refunds for tax years 2010 and 2011 over subsequent three local budget years.   (For more information see our April 25th Dear Mayor letter)

Edison Mayor Antonia Ricigliano and Council Vice-President Robert Karabinchak both testified on the importance of the swift passage of S-2762.  Mayor Ricigliano stated that municipalities do need businesses but it is “unfair to shift the burden of the appeals to residential taxpayers, many of whom are on fixed incomes as well as young families struggling in the current job market”.  Council Vice President Karabinchak highlighted Edison’s financial impact of commercial appeals in 2010 and the estimated impact of the 2011 commercial appeals and stressed to the committee that S-2762 “provides municipalities with a temporary tool to help plan and control financial budgets during this influx of appeals”. 

We support the need for the legislation to address property tax refunds for commercial and industrial properties.  We believe that by limiting to commercial and industrial properties it will be a substantial improvement to the situation for many communities.

We suggest you to contact your State Senator and urge them support S-2762.  If you have any questions or need additional information on S-2762 please contact Lori Buckelew at lbuckelew@njslom.com or 609-695-3481 x122.

Very truly yours,

 

William G. Dressel, Jr.
Executive Director

 

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