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Today, Senator Michael Testa (R-01) sent a letter to Governor Murphy calling on the administration to restore the transparent formula-based aid in the FY26 budget for municipalities that was eliminated from the FY25 state budget.
An excerpt from the letter reads:
“The cut to a fair formula property tax relief program will hit municipalities and property taxpayers hard after years of high inflation. It will hit particularly hard in communities stuck in a State-run health insurance plan with its recent 16% premium increase. If your budget does not ensure income tax revenues are used solely for fair formulas as a way to restore the elimination of $150 million in fair property tax relief, there are other options. My colleagues and I proposed billions of dollars in State budget savings, program reforms, and non-tax revenues that have not been embraced.”
You can read the full letter here.
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