Tax Relief

Murphy boasts of wealth tax breaks at League Luncheon

At today’s New Jersey State League of Municipalities Luncheon, Governor Phil Murphy spoke about how his government is providing “property tax breaks” to New Jersey residents, adding that the effort was “a work in progress.”

Perhaps he wanted to distance himself from Jack Ciattarelli’s commercials from the last election, in which the Republican challenger challenged Governor Phil Murphy’s stance on property taxes based on the governor’s own quote – “If property taxes are your only problem, we’re probably not yours State “. “- Murphy spoke today about how his administration is providing” property tax breaks “to New Jersey residents.

The governor delivered the keynote address at luncheon for the New Jersey State League of Municipalities today, saying he was proud of his administration’s initiatives to cut property taxes, but the effort was “a work in progress.”

“To be clear, we’ve made progress in easing property taxes for our residents. … The households enacted by our administration have contributed to three of the lowest real estate tax increases year-on-year since the beginning of this millennium and to the slowest real estate tax increases of all administrations. “

However, he said he wants to turn “small property tax increases into substantial cuts”.

Murphy then focused on school funding and the impact on property tax bills, saying his administration invested in school funding at “historic levels”.

“Investing in public schools is directly related to affordability,” Murphy said. “Strong public schools are one of the biggest draws for new residents and businesses. They are also critical to sustaining the investments that families have made in their homes. These in turn stabilize the municipal taxes. Every dollar we give to our school districts is a dollar [municipalities] not have to ask the taxpayer. “

The idea of ​​investing heavily in public education to ease taxpayer pressure could also be applied to infrastructure improvements, the governor said.

“That’s why we’re cheerleaders for the federal infrastructure law and support the adoption of the entire federal Build Back Better plan, which includes everything from expanding access to childcare to restoring the SALT tax deduction. … We’re going to have this SALT tax waiver, even if it kills me, “Murphy said.

Ensuring a strong local economy is also important to “fuel” the future of the state, Murphy said, adding that this is where the state’s new business incentive programs come into play. “For the first time, we have incentive programs that put small businesses and communities first,” he said.

The governor mentioned recent business developments in the state that are creating or retaining jobs. These included: the HAX accelerator program, which is expected to create around 2,500 jobs in Newark; Pfizer’s new Berkeley Heights facility, which will create approximately 3,000 jobs; Party City’s new headquarters in Woodcliff Lake, which offers approximately 350 jobs; and the offshore wind energy industry’s investment in Paulsboro, where Twind turbine components are manufactured.

On this last point, Murphy commented, “The New Jersey Wind Port will make Delaware Bay the logistics hub for the offshore energy industry on the east coast.”

Overall, Murphy said, “We’re creating economic opportunity that just didn’t exist before. There are more opportunities for well-paying jobs in sectors that range from manufacturing to technology to film and beyond for everyone; from young people fresh out of college to working families to older workers looking to build a stable retirement. … Everyone can now benefit from these efforts. “

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