Property Taxes to Soar Next Year

The long deferred bill for unfunded pension benefits for municipal employees is coming due next April to the tune of $385 million. A staggering increase of $208 million. The Star Ledger shows the following examples of how two Essex County Towns will fare:

In Newark, for instance, the bill for pensions will jump from $9.6 million this year to $20.2 million. West Orange, the hometown of acting Gov. Richard Codey, will owe $1.9 million in pension payments next year -- $1 million more than the township paid this year.

Christy Whitman stopped the pension fund funding during the go-go years of the market. Then the pension fund suffered dramatic loses when the markets collapsed Leaving the pension funds $35 billion (that's right) short. At this new level taxpayers will have to fund this shortfall over the next 9 years!