The League of Municipalities welcomes the news that Governor Corzine has balanced the budget, without resorting to cuts in crucial municipal property tax relief funding.
This funding - $20 million appropriated pursuant to the Consolidated Municipal Property Tax Relief Act (CMPTRA) - was included in the State’s ‘final’ budget for the current Fiscal Year. The funding was included in State approved local budgets, but it had been withheld earlier this month, pending the development of a plan to balance the State’s budget.
“We salute Governor Corzine,” said League President, Mayor Jim Anzaldi of Clifton. “He and his team deserve our thanks for this. The plan he announced today will not only close a budget gap of $924 million and allow the state’s budget to remain balanced, but it also honors the State’s commitment to provide a specific level of property tax funding.”
“This restoration of property tax relief funding will help homeowners, especially those already facing unemployment or possible foreclosure,” said League Executive Director William G. Dressel. “It should inspire business confidence in New Jersey. And it will serve to bolster the careful plans of local officials, already struggling mightily to serve their fellow citizens in the midst of this recession.”
The League, which had been exploring a possible legal challenge to what would have been an unprecedented State policy surprise, commends the Governor on this action.