Governor Murphy signed into law a bill which permits municipalities to authorize property tax reward programs.
Governor Murphy signed into law a bill which permits municipalities to authorize property tax reward programs. It allows towns to create and operate programs that provide cash rewards to residents, and folks from other communities who choose to participate in the program. Businesses must agree to provide cash rewards when their goods or services are purchased. The legislation, that was supported by NFIB, will allow homeowners to lower their property tax payments while supporting Main Street businesses. The new law allows homeowners to apply credit from the rewards program toward property tax payments. The plan is structured as a local merchant loyalty program and marketed as an economic development tool to encourage people who live around the municipality to shop local. The law allows local businesses to benefit from increased business generated by program participants who patronize their services and goods in order to earn reward dollars.