Soon, a shopping trip at a local Moorestown business could earn you money toward your property taxes.
A presentation made by Carmine Defalco and Glenn Kaye of www.propertytaxcard.com, a division of Fincredit Inc., piqued the interest of Moorestown Council at its meeting on Monday, June 20. The presentation was on a Property Tax Reward Program that businesses can participate in and, when residents shop at those businesses with their reward card, they can receive tax credits toward their property tax. Council reacted positively to the program and a resolution to establish it is planned to come soon.
“Your downtown (Main Street) is beautiful … This type of a town and environment would lend itself so well to this program because a lot of these businesses are visual,” Kaye said.
The Property Tax Reward Program has been in business for around five years. It is a program that townships establish where local businesses partner with the township and Defalco’s company to benefit both businesses and residents by increasing shopping at local businesses and giving residents a tax rebate for doing so.
So far, there are 17 townships participating in the program, and Defalco said they are expecting to exceed 25 townships this year. He said more than 500 businesses participate.
“It has been very successful,” Defalco said.
Voorhees has been using the program, calling it Shop Voorhees Property Tax Reward Program. According to Voorhees Mayor Michael Mignogna, more than 7,000 residents have participated in the program and sales have exceeded $1.2 million, leading to tax credits and rental reimbursements of more than $75,000 for residents.
The township will issue cards to residents. Residents will sign up for the program with their card and lot, and then they can shop at local participating businesses with the card for a rebate. As of now, the card would only be usable at the participating township stores; if the township would like to make a partnership with another township that is using the program, that is something that would need to be agreed upon by both towns.
The participating business will establish a percentage of sale to give back to customers who use the card as a credit toward their property taxes. Businesses can choose any percentage back they wish. An example Defalco gave was someone spending $100 at a business who uses their card, they will get $10 toward their property taxes if the business sets it at 10 percent.
All money earned by customers will be put in a bank account operated by the township, and once a year, a credit of whatever the customer earned will be on the tax bill, taken from the account. For those who rent, a cash rebate is given.
There is minimal cost to the township, as it is only asked to pay for the cards, which Defalco recommended getting a sponsor to do, and then marketing to get businesses involved and, if desired, for the businesses that are participating.
Businesses pay a monthly $10 flat fee to participate. All transactions can be done online for free, but if a terminal is required, there is a one-time setup cost.
The township would need a certain number of businesses to participate for the program to be effective. However, according to Deputy Mayor Victoria Napolitano, businesses, especially those of the Moorestown Business Association, have expressed interest in the program.
Other members of council also said it seemed like a good idea. Township Manager Scott Carew said he would write up a resolution for council to approve.
“I think it is a great concept and a great idea … I’d love to save on my tax bill,” Councilwoman Stacey Jordan said.
The next town council meeting is July 11 at 7:30 p.m. in Town Hall, with a workshop at 7 p.m.
To see more about the program, visit www.propertytaxcard.com.