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Mayor | June 23, 1998 |
Jersey City
The City of Jersey City ended FY '98 with an impressive 100% tax collection rate, surpassing last year's record-breaking collection rate of 99.43%. This increase will allow the city to lower its reserve for uncollected taxes by $1 million from last year's $1.5 million to an estimated $0.5 million for the '99 fiscal year budget.
"Our 100% collection rate is a real milestone for our city. No longer will Jersey City taxpayers be forced to pay extra to make up for those who are delinquent or late in paying their taxes. I am proud that my administration has kept its pledge to help lower taxes in Jersey City, thereby creating a more stable and affordable city for homeowners," said Mayor Bret Schundler.
As the following chart illustrates, the city's tax collection rate has increased from 82.8% to 100% during Mayor Schundler's tenure, enabling the city to reduce its reserve for uncollected taxes by almost $34 million.
| Fiscal Year | Collection Rate (From previous year) | Reserve (By millions) |
| '92 | 82.8% | $34.4M |
| '93 | 90.2% | $25.5M |
| '94 | 91.7% | $17.4M |
| '95 | 94.6% | $16.6M |
| '96 | 95.6% | $12.8M |
| '97 | 96.9% | $6.9M |
| '98 | 99.4% | $1.5M |
| '99 (Estimated) | 100% | $0.5M |
Nicholas Fargo, Jr. , Mayor Schundler's Chief of Staff and the city's Chief Financial Officer, said of the collection rate: "Because of our aggressive tax collection efforts, property owners who pay their taxes on time are no longer penalized for the delinquent few. Since the city no longer has to set aside millions of dollars from its budget to place in a reserve to cover delinquent taxes, the property-tax burden of all homeowners is reduced."
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