Would Manalapan's Unique Property Tax Program Work in Woodbridge?

Manalapan residents may find their property taxes decreasing by simply shopping locally. It's a program that's intensely interesting and novel - and might be portable to by giving relief to cash-strapped homeowners here.

Manalapan’s Economic Development Council is implementing a Property Tax Program allowing township residents to receive discounts at participating business and an equivalent credit to pay down their real estate taxes. 

The Property Tax Card is a patent of Fincredit Inc., a company that has been approaching municipalities nationwide to join their new initiative.  Fincredit has received approval from the state and a number of New Jersey townships have signed on to this win-win program, which benefits both business owners and residents, including neighboring Marlboro Township.

The company will issue special cards to the municipality, sponsored by either the municipality or paid for by an investor. Then, the cards are co-branded by the investors (if that is the case) and issued to all residents. Each household will be issued two cards.

Currently, Manalapan Township is recruiting local businesses to sign up to participate in this program and accept the card and offer a certain discount to customers.

So, how does this work?

If a resident shops at a participating local business they will purchase their goods and also have the cashier swipe their Property Tax card. A specific percentage of the sale, decided upon by the business, will go towards the reduction of your property taxes, Campanella explained. Some fees will come out of that percentage to be paid to Fincredit, but they are minimal.

Fifty days before your quarterly tax payment is due, Fincredit uploads all payments to the municipality. Then, the township will send you a revised tax bill minus what you have already contributed, according to Campanella.

For instance, if you go out to a participating restaurant and spend $100 and the restaurant offers a 10 percent rebate, then $10 will be contributed towards your property taxes once the merchant swipes your Property Tax card, minus the fees paid to Fincredit.

Renters can still participate in this program. Instead of receiving a rebate towards the quarterly property tax bill, renters will receive a discounted check. Additionally, if you are an owner with a mortgage agreement where the bank pays your taxes, Fincredit will send the bank a reduced amount fifty days prior to when the tax payment is due.

The EDC is talking with a local bank who has expressed an interest in paying for the imprinting of the cards, so the program will not cost the township any money. The EDC is also looking into co-shopping with other towns that participate. So if you love a certain business that is not located in town and that business agrees to participate in this program, you will be able to shop there and still receive a discount on your tax bill. 

What do you think? Should Woodbridge give 'The Property Tax Card' program a try? Would you be interested?