Christie Says Damage Costs From Sandy Outside Tax Cap (Bloomberg News)

November 13, 2012 – New Jersey Governor Chris Christie said property owners in areas devastated by Superstorm Sandy may face higher tax bills, as local governments exceed his 2 percent cap on annual increases to cover rebuilding costs. The state may release a preliminary tally of the damage and revenue effects as soon as Nov. 16, Christie, 50, said today in a Statehouse news briefing. He said municipalities will be able to get federal aid to cover some rebuilding costs, and said the property-tax increase cap he and lawmakers passed in 2010 has a natural-disaster exemption. “It tells taxpayers in towns that were destroyed that they’re probably going to have higher taxes — it’s got to be paid for,” Christie said. “Most people in these towns will recognize that if they believe the money is being spent reasonably and responsibly to rebuild their towns, they’ll be happy to do it.”

Link to Full Article: http://www.bloomberg.com/news/2012-11-13/christie-says-damage-costs-from-sandy-outside-tax-cap.html

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