Bring Down Our Property Taxes
Tax Increases Are Making Hoboken Unaffordable.
Over the past five years, taxes have exploded, and our quality of life has gotten worse. The current leadership has failed to deliver for our residents and is leading Hoboken down an unsustainable financial path.
Our tax increases have outpaced inflation. In 2024, Hoboken property taxes went up by 8.5% and school taxes went up by 15%. Our rents are double the average median rent in the nation. For a young family or a senior on fixed income, it is becoming challenging to continue to call Hoboken home.
It Is About to Get a Lot Worse.
Although the many candidates for Mayor on the City Council say they are not infavor of raising taxes, the City Council continues to spend irresponsibly, approving contracts and borrowing without considering impact on residents today or in thefuture. At this rate, by 2032, $97 million out of the City of Hoboken’s budget of $144 million will be spent on public safety alone. This will put our residents on acollision course to make a devastating decision about funding our public safety orother essential services.
The City Government Will Resort to Higher Taxes.
Just to provide basic services, taxes will need to rise by 56% by 2032. A young family that may have just bought their first condo could find itself moving out of Hoboken because of the high tax bill. Landlords will pass the higher taxes onto the renters. This is how a city becomes unaffordable.
Adding More Buildings Hasn’t Worked.
The Hoboken City Council keeps approving more and more development, claiming taxes from new residents will mitigate tax increases. It hasn’t worked. Our population has doubled since 2000 and so have our taxes. Adding more taxpayers adds to the cost of providing services. Adding more residents doesn’t reduce the tax burden on current residents.
Change the Course While We Can.
I promise to bring down your property taxes and I know how to do it.
1. Ask the county to do more for Hoboken.
Hoboken residents paid Hudson County $63 million in county taxes in 2024. The City of Hoboken must ask the county to fund more services in Hoboken, for example, road repairs and maintenance of parks.
2. Ask State of New Jersey to do more for Hoboken.
The City of Hoboken does not have to pay for everything on its own. We send over $500 million to the state. Very little of it comes back to us. Other cities in Hudson county get back significantly more than Hoboken does. For example, Union City, a city with a similar population to Hoboken, received $71 million in aid from the state while Hoboken received just $11 million.
I spent four years working in Trenton. During my time as the Assistant State Treasurer of New Jersey, I worked with the many agencies that are set up to financially assist cities and towns. For example, the Housing and Mortgage Finance Agency and the School Development Authority are two agencies that offer grants and interest free financing for construction projects. Each of these agencies can provide Hoboken with financial grants to repair or build residential housing and schools. Hoboken needs someone who understands how the state agencies work, so we can receive our fair share from the state and ease our financial situation.
3. Better manage employee and retiree benefits.
The City of Hoboken can work with the unions to stem growth in the cost of providing pension and healthcare. There is low hanging fruit to be picked through better administration and without cutting benefits.
4. Limit Borrowing – Don’t spend what you don’t have.
Hoboken has developed a habit of borrowing money to plug in the gap between spending and revenue. Almost every expense, big or small, is now funded by issuing bonds. Most recently, the council approved a $30 million bond to repair the waterfront, an expense necessitated by lack of maintenance. In total, the City Council has already approved $419 million in borrowing. Annual interest payment on these bonds is now north of $20 million, almost 16% of the budget. At this rate, these payments will crowd out spending on other necessary services.
5. Limit use of tax breaks.
The City of Hoboken is quick to offer tax incentives to promote development. Even developers for luxury buildings are offered tax breaks. This results in a loss of almost $50 million every year to the city, schools and county. Hoboken is an attractive investment for developers and their financiers. For many projects, these incentives are unnecessary. Their use must be limited and thoroughly scrutinized.