New Jersey Assembly Bill A491

New Jersey 2022-2023 Regular Session

• Introduced: 1/11/22
• Refer: 1/11/22

Caption

Establishes "Property Tax Study Commission" to examine New Jersey's property tax structure and develop recommendations for reducing residential property tax burden.

Impact

The bill aims to address inequities in the property tax structure. One of its focal points is the determination of alternative funding sources for local government services that do not over-rely on property taxes, which have long been a contentious issue for New Jersey residents. This initiative follows years of discussions around the heavy demands that property taxes place on citizens, particularly in a time when affordability is critical for many families.

Summary

Assembly Bill A491 seeks to establish a 'Property Tax Study Commission' within the New Jersey Department of the Treasury. This commission will consist of 15 members tasked with examining New Jersey's property tax system and developing recommendations for reducing the property tax burden on residents. Their examination will cover the workings of local governments, current laws related to property tax imposition, assessment, and exemptions. The ultimate goal is to propose equitable amendments to the New Jersey Constitution and existing statutes to alleviate the strains caused by property taxes.

Contention

Notable points of contention may arise regarding the commission's recommendations, particularly if they involve altering the existing funding mechanisms for local services or suggesting increases in alternative taxes. Stakeholders might be divided on whether replacing or supplementing property taxes with other tax forms could actually benefit residents in the long run. The balance between reducing the property tax burden and ensuring adequate funding for local services could spark significant debate during the commission's deliberations.