SARLO MEASURE TO STREAMLINE PROPERTY TAX REASSESSMENT ADVANCES

TRENTON – A bill sponsored by Senator Paul A. Sarlo which would streamline the property tax reassessment process in order to provide quicker relief for property taxpayers during the current national recession was unanimously approved by the Senate Community and Urban Affairs Committee today.

“Homeowners are dealing with the fallout from a nearly unprecedented economic crisis and the bursting of the national real estate bubble,” said Senator Sarlo, D-Bergen, Essex and Passaic. “As a result, many property taxpayers may be paying taxes on property which very simply isn’t worth what it used to be. This bill simplifies the mechanism by which neighborhoods can reassess property values in a declining real estate market, in order to hopefully bring some measure of relief to hard-hit taxpayers more quickly.”

Four Republican senators held a news conference today to express their growing unease at the failure of Governor Jon Corzine to honestly address plunging tax collections.

Senator Steve Oroho, R-Sussex and Hunterdon, said calls for a federal tax increase that would bleed a whopping $100 billion from investments in private sector job growth would be disastrous for the economy of New Jersey. Senator Oroho said Governor Corzine has both the experience and the connections to help prevent passage of this job-killing tax on every single securities transaction, including those made by struggling, undercapitalized pension funds.

After eight years, New Jersey knows the routine. A Democrat governor signs an irresponsible budget that perpetuates a multi-billion dollar deficit and paves the way for a new round of tax increases and high-cost borrowing. Then the governor praises himself for making 'tough' choices.

In 2006, legislators met all summer trying to find ways to keep the pension funds from insolvency, O'Toole said. Now, in an election year, the governor plans to increase pension benefits without providing any of the resources needed to pay for the benefits. The governor is pushing the pensions closer to insolvency.

Senators Say Governor Isn't Telling Taxpayers Where He's Spending $17.5 Billion in Federal Stimulus Funds

New Jersey is in the ideal physical location to be the national economic leader among the states. It's not because of the public policies we have followed over the last eight years.

New Jersey seems headed for the first end-of-year deficit in state history. With just eight weeks remaining in fiscal 2009, state revenues are running a gut-wrenching $1.2 billion below Governor Corzine's projections, and the governor's lack of transparency is adding to the crisis.

In light of disturbing news reports, Senator Steve Oroho, a Republican on the Senate Budget and Appropriations Committee, is asking Governor Corzine to immediately release the latest figures on revenue collections.

BUONO STATEMENT ON CORZINE PROPOSAL TO RE-BALANCE FY 2009 BUDGET

TRENTON – Senator Barbara Buono, D-Middlesex, and Chairwoman of the Senate Budget and Appropriations Committee, issued the following statement today regarding the Governor Corzine’s announced proposal to re-balance the Fiscal Year 2009 Budget in light of underperforming revenues caused by the national recession:

“When we crafted the FY 2009 Budget last June, no one could have predicted the extent of the current economic meltdown. The national recession has sent unemployment rates soaring, crippled the nation’s credit industry, and significantly reduced state revenues around the country at a time when taxpayers are relying on State-administered support programs more and more.