According to a report, Jersey drivers are FINALLY GOING TO GET A BREAK at the pumps.
Can you believe that. For the last few years, politicians had taken away the last cheap deal New Jersey had to offer, our gasoline, and jacked up the taxes at the pump.
But we, the drivers, are going to get a break, after summer of course, but the prices are finally going down.
The New Jersey’s gas tax is scheduled to decrease by 8.3 cents a gallon beginning Oct. 1, according to the Treasury Department.
The price drop does not come down low enough to erase the 9.3 cent increase imposed back in 2020.
The reason for this change, according to the state treasurer, Elizabeth Maher Muoio, came down to a couple different factors:
■ The fuel consumption in the 2021 fiscal year — which ended June 30 — was “so closely aligned” with the agency’s projections and consumption this fiscal year is projected to be above last year’s levels, so “our analysis of the formula dictates an 8.3 cent decrease this coming October.” This reason is so convoluted that it made as much sense as the increase imposed upon Jersey drivers in 2020.
■ The gas tax is formulated by a 2016 law that dedicates money to the state’s Transportation Trust Fund that finances infrastructure projects. The tax must generate at least $2 billion a year, so if that falls short, the tax goes up. So obviously it generated the $2 billion needed.
New Jersey’s current gasoline tax receipts of 40.2 cents per gallon will now drop to 31.9 cents for regular gasoline; and for diesel, it will decrease from 44.2 cents to 35.9 cents.
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.
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