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Some NJ Towns Find Way To Increase Property Taxes

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Oct 10, 2008 8:49 am US/Eastern

Some NJ Towns Find Way To Increase Property Taxes

TRENTON (CBS/AP) ― Caps aimed at curbing property taxes are not keeping the rates down for everyone in New Jersey.

So far in 2008, 39 towns have asked the state's Local Finance Board to increase taxes beyond the state's 4 percent limit.

The board approved all but one request, although some towns received
smaller waivers than they asked for.

Town officials say the cap, adopted last year, came at a bad time.

Pension, energy and health care costs have been rising as state aid to most towns has been falling.

The cap waivers have added $25 million to tax bills in the towns where they have been granted. 

(© 2009 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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