N.J. Senate Approves Property Tax Cut
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.