Hiked

At a time when the stock market is sagging, the economy is in a seriously rough patch, and property taxes are soaring despite curbs, the state has approved toll hikes to go into effect the first week in December. Happy Holidays!

The New Jersey Turnpike Authority today voted unanimously to raise tolls on both highways to pay for $7 billion in capital road and bridge projects, and provide $1.25 billion towards a mass transit tunnel linking New Jersey and New York. It will cost the average turnpike driver 50 cents more, and the average toll on the parkway will go from 35 cents to 50 cents.

The authority approved the plan after the commissioners got the green light from Gov. Corzine who issued a letter endorsing it.

The governor had rejected an $11 billion toll hike plan that would have raised tolls slightly higher.

Corzine thinks that this will make him look good because he wasn't going to support an even higher toll increase? Sorry, but these toll increases are hitting commuters and those who conduct business in the state at a time when they are being squeezed by high energy costs, a faltering economy, and will now have to dig deeper each time they take the Garden State Parkway or NJ Turnpike.

Still, it's nothing compared to the situation with property taxes here in New Jersey. Property tax caps were supposed to limit how much towns could increase property taxes, but the towns have found a way to get around it. They're petitioning the Local Finance Board, and the board is generally approving increases:

So far in 2008, 39 towns have asked the state's Local Finance Board to increase taxes beyond the state's 4 percent limit.

The board approved all but one request, although some towns received smaller waivers than they asked for.

Town officials say the cap, adopted last year, came at a bad time. Pension, energy and health care costs have been rising as state aid to most towns has been falling.

The cap waivers have added $25 million to tax bills in the towns where they have been granted.

Taxpayers who were hoping for property tax relief aren't getting it; they're getting squeezed by toll hikes and other higher costs, at a time when their investment/401k/pension income has fizzled.

How exactly is New Jersey to remain competitive when it puts the squeeze on its citizens in every conceivable manner?