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Jersey City Averts Fiscal Disaster | Jersey News
Jersey City just approved a $886 million budget with a painful 15% tax hike for homeowners — but Mayor Solomon says it saved the city from disaster. Facing potential 30% tax spikes and mass layoffs without state aid, he credits $120 million in state support and $60 million in cuts for averting catastrophe. Though the increase is tough on residents, he stood by transparency despite backlash. The state also gave a $105 million loan and $15 million grant, locking the tax rate at 15%. Looking ahead, the mayor’s goal? Lower taxes next year — even as unpaid bills from past administrations pile up…
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