Mayor and Council Oppose Changing Tax Sharing Formula

News Date: 

At the January 7, 2013 reorganization meeting of the Kearny Mayor and Council, resolution 2013-(R)-35 (below) was introduced by Mayor Santos and passed unanimously. This resolution is in response to actions taken by the Hackensack Meadowlands Municipal Committee requesting changes to the current Meadowlands tax sharing formula which could reduce revenue to the Town by almost $4 million a year. This loss of revenue would have a significant impact on the Town of Kearny as well as the other receiving districts of Ridgefield, North Arlington and Jersey City. Ridgefield and Jersey City have followed Kearny’s lead and adopted similar resolutions.