Christie Creme warns of tax hikes to NJ residents.

Christie Warns NJ Residents of Post-Storm Tax Hikes
NBC NY(local) ^ | 11-13-2012 | Angela Delli Santi

Posted on Wednesday, November 14, 2012 8:49:50 AM by Sir Napsalot

Gov. Chris Christie is warning New Jerseyans living in storm-wrecked towns that they're likely to see higher local property taxes to help pay for rebuilding.

Christie, .... said an exemption to the state's 2 percent tax cap law is emergencies like Sandy, which destroyed coastal towns, knocked out rail service and left 2.7 million households in the dark. While municipalities can expect federal reimbursement for most storm-related cleanup costs, residents will most likely foot the bill for rebuilding.

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New Jersey residents already pay the highest property taxes in the country, averaging $7,758 per household. The property tax cap law has slowed the rate of increase, but the storm — coupled with stubbornly high unemployment and the weak economic recovery here — has cast new doubt on Christie's proposal to phase in a 10 percent tax cut beginning in January.

Christie said he still supports the cut, but said he'll adjust the position if revenue losses from the storm turn out to be severe.

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While Republicans and Democrats are likely to continue to disagree sharply over a tax cut, Christie said he and legislative leaders have pledged bipartisan cooperation in storm-related matters.

(Excerpt) Read more at nbcnewyork.com ...