This arcticle link was forwarded to me by Scott Siegel who from time to time heps me informed with municipal bond related research on this site. Here is a brief excerpt from the article:N.J. Leads Municipal Bond Downgrades as Aid Shrinks
from Bloomberg.com
Bond ratings of New Jersey towns and cities are being reduced faster than in any other state as property values slide 11 percent and Governor Jon Corzine lowers municipal aid to cope with a $1 billion budget deficit.
Moody’s Investors Service cut ratings on $592 million in general obligation debt issued by 14 municipalities since October, about four times the rate for neighboring New York, the second-most indebted state, according to data compiled by Bloomberg. New Jersey’s per-capita personal income of $51,358 last year was exceeded only by Connecticut, according to the U.S. Commerce Department’s Bureau of Economic Analysis.
To read the full article go here:
http://www.bloomberg.com/apps/news?pid=20601109&sid=aq.K4roDA_wg&pos=11
My comment: Sorry for all the bad fiscal news today. Maybe at least the liquor stores will get an uptick in sales after all this bad news sinks in when you think about paying your 2010 tax bills. Not to heap it on any further but the article went on to state that New Jersey’s average $7,045 property tax in 2008 was the nation’s highest and 25 percent above the 2004 average of $5,617.
Here is the source of that tidbit from the state Department of Community Affairs:
http://www.state.nj.us/dca/lgs/taxes/08_data/08taxsummary.htm ◦
