Apr. 3, 2007 - Finally...Property tax relief is on the way

Gov. signs bill into law  

At last, this summer, New Jersey homeowners can expect up to a 20 percent property tax cut under a tax relief package signed into law today by Gov. Jon S. Corzine.  The measure aims to cap annual property tax increases at 4 percent. New Jersey property taxes average about $6,330 per homeowner, or twice the national average, and have been increasing 7 percent per year.  The governor also signed into law legislation creating county school superintendents with authority to veto local school spending, though schools could appeal to the state. The superintendents will also recommend to voters a plan to merge schools.

The statewide the program will send state payments averaging $1,070 apiece to about 1.3 million homeowners under age 65 who earn less than $250,000. About 500,000 home-owners who are over age 65 or disabled qualify for payments averaging $1,205. The program also includes $252 million in tax subsidies for renters or double the amount currently offered to them.

Corzine said the, "tax relief is real".  The new tax credit program replaces the existing Homestead Rebate program for most homeowners, and distributes benefits based on a homeowner's income.