Streams

Final Approval of NJ Property Tax Plan Expected Today

Monday, February 05, 2007

New Jersey's plan to cut property taxes is expected to get final legislative approval in the State Senate today, after the plan was found to be constitutional. WNYC's Brian Zumhagen has more.

State AG Stuart Rabner dismissed Republican objections and ruled that lawmakers have broad discretion under the state constitution to consider household income when calculating property tax relief. The plan advanced by Democrats includes a 20% property tax cut for households earning up to $100,000.

The reduction would be 15% for those earning up to $150,000 and 10% for households making up to $250,000. The plan, which has already passed the state Assembly, would also cap annual property tax increases at 4%. But Governor Corzine and Democratic leaders have committed to permit limited exceptions to the cap.

Critics say that could keep the door open to annual property tax hikes as high as 7%. For WNYC, I'm Brian Zumhagen.

More in:

The Morning Brief

Enter your email address and we’ll send you our top 5 stories every day, plus breaking news and weather.

Leave a Comment

Email addresses are required but never displayed.

Sponsored

Latest Newscast

 

 

Support

WNYC is supported by the Charles H. Revson Foundation: Because a great city needs an informed and engaged public

Feeds

Supported by