The NJ Tax Blog

According to today’s DailyRecord, “Assembly Republicans denounced new affordable housing regulations that took effect this summer as ‘devastating’ to New Jersey and vowed Tuesday to focus most of their legislative efforts this fall on revising them.” This effort is based on the realization that the new rules will lead, as some believe, to higher property taxes, overdevelopment and less open space. In part, the Republicans are looking to reduce the number of affordable houses required to be built each year from 115,000 to some more reasonable level. One idea to accomplish this is by using New Jersey’s plethora of foreclosed homes to solve the state’s needs for affordable housing. Please click the words Property Tax to read the DailyRecord’s full article.