Jersey City Mayor James Solomon is proposing a 20 percent tax increase in the third quarter of the year as part of ongoing efforts to address the city’s quarter billion dollar budget deficit.
“I know this tax increase is painful, especially for people on fixed-incomes and the working families of Jersey City. The city’s deficit is without recent precedent in New Jersey. We did not create this hole, it was created during good economic times through years of one-time gimmicks, hidden bills, and deferred costs, but it is our job to climb out of it responsibly,” Solomon said in a statement.
“Alongside reductions in government spending and pursuit of non-tax revenue, a tax increase is part of that solution. What I can promise is that we have fought to make it as small as it can responsibly be, and that we will keep fighting to stabilize our budget next year and the years after.”
The estimated tax increase is being submitted to the City Council for approval at their June 24th meeting. If approved, the increase will be reflected in residents’ Q3 tax bill…