Hudson County Chamber Sounds Alarm on Jersey City Tax Increases in Open Letter

An Open Letter to Jersey City,

Jersey City is at an economic crossroads. Compounding fiscal and tax policies are a direct threat to the economic vitality of Jersey City and the quality of life for all of its residents.
The cumulative weight of Hudson County’s 14.42% property tax increase, the Board of Education’s 14.4% property tax increase and Jersey City’s 15.5% property tax increase is crushing and unsustainable.

Business is again being forced to foot the bill for systemic poor government planning and structural deficits. Small businesses, restaurants and main street retailers are already struggling to survive in all six wards as consumers suffer and curtail spending. Corporate tenants are facing intense inflationary pressures. Government is part of the problem as many cannot absorb these spiraling costs.

Any tax on business is a tax on individuals. Consumers and residents who are already suffering from the affordability crisis will again see increases in rent, goods and services driven by government-as underlying fundamentals shift.

New Jersey recently ranked dead last among the states in business friendliness, trailing all of our northeast competitors. Within that context, now Jersey City risks losing its hard-earned position as a highly competitive economy.

Recent departures from Samsung, ExxonMobile and other industries from New Jersey are warnings that should not be ignored.

Jersey City’s official motto is “Let Jersey Prosper.” Let us all recommit ourselves to this founding vision.

Thank you,
Emory Edwards
President and CEO, Hudson County Chamber of Commerce