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Property taxes fall $224M on reforms
New Jersey property taxpayers will pay $224 million less for police and fire pensions in the current fiscal year, Gov. Chris Christie’s office announced Wednesday.
The savings comes on top of $43 million less in pension payments for rank-and-file local workers.
Municipalities and counties don’t have to pay as much because pension reform measures enacted in June will lower the long-term liabilities the system faces. Under the reform, workers must pay more toward their pensions and retirees will have their pensions frozen until their respective funds get healthier. (Method, Gannett)
