Newark's budget plan includes hefty property tax increase

NEWARK - Newark Mayor Cory Booker's 2012 budget plan includes a sizable property tax increase proposal.

Businesses and homeowners may be asked to pay for a 6.8 percent tax increase to offset an expected $20-30 million shortfall, which is more than last year but less than 2010. News 12 New Jersey asked some residents what they thought about once again being asked to dig deeper into their pockets.

"[It's the] nature of the beast. The price of chicken is going to rise at the supermarket every year, too," says Bruce Ford, of Ridge Street.

"It costs a couple of thousand dollars you don't have," says Alain Beade, owner of Stop and Go Tire on Third Avenue. "You have to save it up for the taxes, you know what I mean?"

The budget is expected to be formally introduced by the end of February.

News 12 New Jersey will carry Mayor Booker's State of the City address live.

You can see it next Thursday, March 1 at 6:30 p.m., right here on News 12 New Jersey.

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