Who Will Pay For The Sandy Clean-Up? [AUDIO]

Hurricane Sandy has caused billions of dollars in damage all over New Jersey, so what does this mean for your property taxes in the future?

Bill Dressel, the Executive Director of the New Jersey League of Municipalities, believes it's too soon to tell.

He says federal government officials are committed to, "delivering to the mayors across the state unprecedented amount of resources to deal with the situation. ... The Christie Administration, being cognizant of the two percent cap, being cognizant of the dire fiscal conditions that municipal governments and the taxpayers are under, has literally done all they can to give us reassurances that they're going to do everything they can to mitigate the impact on all the towns."

Cooperation among federal, local officials

He says, "In my 38 years of League work, I have never seen greater cooperation from our state officials and the federal government, FEMA has boots on the ground...The focus is on recovery now and it's unprecedented the amount of cooperation and sensitivity to not only the citizenry across our state and improving the quality of life, but on the financial impact that it's going to have."

Dressel adds local leaders have been told by state officials, "that they're going to be giving towns flexibility as they can in addressing the needs of the budget……state officials have told local leaders they will work with us as it relates to the fiscal impact on the community… assets that are going to be coming in from the federal government and state government to address these issues."