TRENTON — Mayor Tony Mack is proposing a tax hike beyond the increase already approved by city council in order to close Trenton’s budget deficit, and he is applying for a waiver from the state cap on municipal tax increases.
The city council previously approved a rate increase of 30 cents per $100 of assessed value to raise an extra $5 million. Mack now wants to boost the rate by 43 cents to $3.76, which would raise $8.5 million, he said in a press release last night. For a home valued at $100,000, that would represent an annual increase in the city portion of the owner’s tax bill of $430, to $3,760.
via Trenton Mayor Tony Mack proposes another tax hike to close budget gap | NJ.com.
Astonishing when you consider the ever-increasing body of evidence that shows you can’t tax your way out of debt. But then, Mack is a Democrat.
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