Bob Martin Introduces Plan for Property Tax Reform

Ewing (October 19, 2007) – Bob Martin, Republican State Senate candidate in the 15th district, today introduced his comprehensive plan to reform property taxes. This plan is being introduced as New Jersey once again has the distinction of having the highest property taxes in the nation. Recent reports indicate that high property taxes have contributed to the net loss of over 230,000 residents in the past five years.

Martin stated, "The facts are in, New Jersey is in a crisis when it comes to property taxes. Unless there is real reform, our residents will continue to flee to more affordable states.New Jersey is no longer an affordable place for young families to grow and seniors to retire to."

Reports have stated that the net loss of residents has resulted in $10 billion that will not be spent on the local economy. This includes the state losing $680 million in budget revenues last year because of the mass exodus.

"History has proven that citizens have a breaking point when it comes to taxes. For many New Jersey families that breaking point has occurred and they are simply packing up and leaving our great state," Martin stated.

Martin's plan focuses on four critical reforms; organizing a Constitutional Convention, piloting a "zero-based budgeting" program, creating a new school funding formula and electing a non-partisan state auditor.

The Constitutional Convention would be made up of citizens, not politicians. Their job would be to look at both the realignment of revenue sources to fund public education as well as spending restraints that need to be put in place.

Zero-based budgeting is an approach whereby each expenditure amount for every line item or program is examined in its entirety each year, regardless of prior funding. Those items that cannot be justified are subject to elimination or significant reduction.

"We also need to reform the funding formula, management, and financial disclosure in public school education. New Jersey needs an elected non–partisan state auditor who would be accountable to the voters to find waste and fraud in government spending," Martin stated.

"While there is no one 'silver bullet' to solve the property tax crisis, there are several innovative ideas that can be implemented together to create real reform. New Jerseyans are tired of short-term gimmicks like increasing the sales tax to pay for property tax rebate checks," Martin stated. "I have been in business for 25 years and understand how to solve complex problems like property tax reform. Trenton politicians, including Senator Turner, have failed to provide innovative ideas on real property tax reform."