Don’t give Sweeney-Van Drew Democrats your vote for a new state property tax.
Last summer, Sweeney / Van Drew Democrats rushed through a 17 page law filled with confusing fine print to borrow another half-billion dollars.
That’s on top of the $221 billion already owed by NJ taxpayers for debts and pensions – more than $60,000 per taxpayer! It includes automatic statewide property tax hikes to guarantee repayment.
The new Van Drew / Sweeney state property tax is just like the yearly gas tax hikes that now guarantee repayment of Transportation Authority debt. It would be in addition to the high local, county, school, library, and fire property taxes we already pay.
Fortunately, our State Constitution requires voter approval.
Sweeney/Van Drew Democrats are trying to fool you into voting “Yes”.
“Public Question” on the ballot doesn’t say a word about new property taxes. Neither does the interpretive statement. That language is buried in Section 20 on Pages 12 & 13 in a 17-page document.
Sweeney/Van Drew Democrats call this loan package the ‘Securing Our Children’s Future Bond Act’.
If private bankers tried to sell a loan package like this, they would be charged with consumer fraud!
We have no idea who will get this half billion dollars, or how it be spent. The legislation says only that Governor Murphy’s appointees will give grants to a handful of the State’s 600 school districts for ‘career and technical education and water infrastructure’… after the election.
New Jersey is not alone. Wall Street banks are demanding and getting new property taxes as security for loans given to many high-tax, high-debt Democratic run states.
They know that real estate is the only thing people can’t take with them when they move to low-tax Republican states.
Last August, the Wall Street Journal called these new state property taxes a ‘Stealth Mortgage on Your Home’. Like all mortgage loans, these new state property taxes lower the price of your home when you go to sell.
New Jersey’s state government debt of $60,000 per taxpayer is already the highest in America except for Puerto Rico.