N.J. Senate Approves Property Tax Cut

house-money.JPGFrom NBC10.com:

TRENTON, N.J. — Senate Republicans joined Democrats on Tuesday to approve a measure to give most New Jersey homeowners a 20 percent property tax cut.

The legislation, which now goes to Gov. Jon S. Corzine for final approval, also would limit future property tax increases.

The governor is expected to sign the bill, capping a six-month effort to reduce the nation’s highest property taxes.

New Jersey has property taxes that are twice the national average, at $6,000 per homeowner.

The tax cut proposal would give a 20 percent property tax cut to households earning up to $100,000, a 15 percent cut for those earning up to $150,000 and a 10 percent cut to those earning up to $250,000.

About 1.9 million of the state’s 2 million households would get help.

Additionally, former Gov. and State Senate President Richard J. Codey, D-West Orange, has answered 10 questions from the Courier-Post about how property tax reform will affect New Jerseyans.

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27 Comments on "N.J. Senate Approves Property Tax Cut"


north
Member
9 years 6 months ago

[quote comment=”12947″]Does anyone know how the state tax cut would affect the many PILOT plans the city has given the bigger devlopments?
:?:[/quote]

(I’m pretty sure) it wouldn’t — pilot payments go to the municipalities and not state coffers. Don’t think they’d be eligible for this.

westy
Member
9 years 7 months ago

Does anyone know how the state tax cut would affect the many PILOT plans the city has given the bigger devlopments?

ajm
Member
9 years 7 months ago

[quote comment=”12839″]does anyone know the orign/purpose of the Homstad Rebate for renters?[/quote]
Renters could get a something from the Homestead rebate because a portion of their rent is going toward paying the landlord’s property taxes. I’m pretty sure it wasn’t the full rebate and the renter was still subject to the income limits.

rapperd
Member
9 years 7 months ago

[quote comment=”12891″]Hey TBizzle you ignorant slut, the reason taxes are high are because of government employee benifits for life and schools. You fix those and you solve the taxes. [/quote]

Actually, Cracker is pretty much correct on this…
The biggest single reason why NJ taxes are so high is because virtually every municipality has its own school district … Instead of combining 2 towns into one regional school, they all fight to keep their own school (and school administrative jobs).. By combining half the schools in this state with low enrollment into regional magnet schools, you could cut a dramatic amount of tax money out… Notice how high the school tax portion of your quarterly bill always is…

TBizzle
Member
9 years 7 months ago

Cracker, your school rant was a bit off topic, but I will say I agree. Everyone always attacks the schools in the suburbs because they are rich kids who get all the breaks in life, well, I tend to think the success is based more on the parents/teachers/communities in those areas not putting up with the B.S. that kids in places such as Hoboken High get away with daily. When you expect little from people/students you will never get much more than that.

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