New Jersey residents can save on taxes by shopping at local stores

New Jersey residents will be able to save on property tax bills as a reward for purchases in local stores, according to a bill signed by Gov. Phil Murphy on Wednesday, May 19. Writes about it NJ.

The new law will allow New Jersey municipalities to create an incentive program that encourages property owners to visit local businesses through preferential property taxes. It also formally authorizes existing real estate tax reward programs.

The median New Jersey property tax bill last year was $ 9.

Programs like this already exist in places like Marlborough, Voorhees, Haddonfield and Union Township, where homeowners are reminded that the more they shop, the more they save. The bill confirms the existing compensation programs.

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Under these programs, municipalities are offering bonus cards that shoppers use when shopping at local participating stores, with a percentage of the sale lowering the buyer's property tax bill. Under the bill, out-of-city shoppers can be rewarded in the form of a discounted check.

Companies independently determine the amount of remuneration. The Marlboro Program website states that companies have chosen to offer rewards ranging from 1% to 12%, with many offering 8%. Businesses are responsible for paying the municipality the amount of tax credits received by buyers.

“New Jersey municipalities have found a way to do the impossible; encourage residents to support local businesses while reducing property taxes. Businesses are doing business more. Buyers know that every dollar they spend at participating local stores and restaurants lowers their property tax bill, ”said MP Nicholas Chiaravalloti, who sponsored the bill.