New York, NY —
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.