Sorry, New Jerseyans
Saturday's a big day for New Jersey businesses. Whether they like it or not, July 15th marks the start date of a statewide sales-tax increase from 6 percent to 7 percent. And that's not all. Storage operators get theirs on October 1, when the new tax will be levied on a whole host of previously exempt services, including self-storage.
How will this affect rentals for facilities in the state? I'd like to hear feedback from some local ops. What are your plans to offset the impact of sales tax on customers' buying practices?
On a more positive note, President Bush recently issued an executive order regarding eminent domain, preventing federal agencies from seizing private property except in situations involving public projects such as hospitals or roads. The decision was handed down on the one-year anniversary of the controversial Kelo vs. City of New London case in which local governments were given the power to overthrow homes and businesses for other commercial development.