By Sussex Watchdog

Governor Phil Murphy and his rubber-stamp Democrats aren’t content with simply causing property tax hikes by slashing education funding for school children in counties like Sussex. (editor added- and Bergen County)  Now Murphy has come up with another way of screwing the state’s property taxpayers – a 10% pension payment hike that will see county and municipal tax rates everywhere jump to cover it.

Writing today in the New Jersey Spotlight News, John Reitmeyer – a journalist who specializes in budget and finance issues – asked the question that must be on the minds of every local government: “Will service cuts, higher property taxes be needed to offset the added financial stress?”

Reitmeyer reports:

County and local governments across New Jersey are being hit with as much as a 10% increase in their mandatory employer pension costs even as most are still reeling from the effects of the coronavirus pandemic.

Department of Treasury officials said the increase in annual pension contributions for fiscal year 2021 that are due early next year reflect technical changes that account for things like longer life expectancies and recent revisions to projected returns from long-term investments.

Still, while the impact will vary by location, it’s just the latest financial strain for county and local governments as many have seen overall revenues decline during the pandemic.

These same governments already rely heavily on local property taxes as a major source of funding, meaning cuts in services or even higher property levies could be needed to offset the increased pension costs.

John Reitmeyer is the state’s most balanced, thorough, and thoughtful writer on New Jersey budget and policy issues.  He’s a journalist in the best sense of the word.  You should read his full article at New Jersey Spotlight News…