Senate President Steve Sweeney told MMM today that he expects a key provision of New Jersey’s 2% property tax cap that is set to expire on April 1 to be extended.
The interest arbitration provision of the property tax reforms passed with bi-partisan support three years ago caps arbitration awards in government labor disputes to 2%. Since they’ve been implemented the average arbitration award resulted in salary increases for local government employees to 1.86%–the lowest in 20 years. The provision will expire on April 1 unless extended by legislation.
“It’s my bill,” Sweeney said, “I’ll pass it next week.” Ask if the arbitration cap would become permanent or extended with another sunset provision, Sweeney said, “That’s what we’re working on now. I’d just assume we done with it, but we’ll get the best we can.”
Sweeney said that while negotiating the original property tax reforms that he favored a 0% cap. “That would force municipalities to, if not consolidate, to share, to share services.”
Sweeney spoke to MMM after his sparsely attended Town Hall Meeting at the Bayshore Senior Day Center in Keansburg this afternoon.