Thursday, May 10, 2012

Tax Hike

I stumbled across this article this morning, actually it's probably also listed in the widget on the sidebar from the Bridgewater Patch.

New Cuts Leave Tax Rate Increase at 3%

This is frustrating, the increase won't amount to a large sum, my monthly mortgage payments will go up a few bucks. But I feel like a yo-yo. I've been watching this drama unfold the last few weeks. Originally we had been scheduled for a 6% hike, which was knocked down to less than 2%. That however would have caused catastrophic harm to various town programs apparently, so we are back with a final hike of 3%. 

I know this is one of the joys of home ownership, and we do have lower taxes in Bridgewater than some of the other towns nearby, likely because of the mall and large shopping centers. But with the real estate prices continuing to collapse in the area, unemployment still being so high, when is enough enough. I thought our tax rate hikes in NJ were to be capped by the legislation that was signed last year? This 3.03% raise clearly exceeds the limits in that legislation. What loopholes got written into the law that are being put to work here? Is this the same situation in every town? 

We are blessed to be able to afford it, but I'm sure there are others that might be having a tougher time. When will the day come that our elected officials and appointees exercise some restraint in their budgeting. Obviously it's an issue at the local, county, state, and federal levels. 

Sorry for the mild rant, I promise the next post will have more cute pictures of Jacqueline or something. 

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