Tuesday, March 10, 2009


Governor Jon Corzine didn't get very specific about tax hikes, funding cuts or anything else that could be considered bad news when he delivered his FY 2010 Budget Address, but he got specific enough for many political insiders to get very nervous. Corzine proposes eliminating property tax rebates for all but seniors, the disabled and those earning less than $75,000 annually. He also plans to slightly reduce State aid to municiplaities. To help pay for the rebate checks that will go out, the Governor says he's proposing, "Eliminating the property tax deduction next year on state income taxes for everyone but seniors."

These proposals in the aggregate could equal serious pain for many New Jerseyans. Those earning $76,000 wouldn't be getting a property tax rebate check at all. Because their town may be receiving less State aid than expected, they're property tax bill is likely to increase. These same families just over the $75,000 threshold also won't be able to get the few hundred bucks they're used to when they were able to claim the deduction. No rebate check + higher property taxes + no deduction = bad news for many.

Republican lawmakers were quick to pounce on the equation. Democrats are not thrilled with the Governor's budget proposal either, but they're saying all the right things and reminding the public that everybody needs to share in the pain.

1 comment:

Anonymous said...

No matter what we middle-class New Jerseyans do, we just can't put any money in the bank. I work over 55 hours a week, but since I'm salary, I don't get overtime. I can only take what I get. I count on my property tax rebate to make life the tiniest bit easier. Not to mention all of the personal cuts that I'm making such as stopping for coffee, etc. I mean, what more can we do?! We're supposed to make money to live, not live to make money so we can keep our house! And now the highest property taxes in the US might go up?! I have a condo which means that I have no actual property, and I pay almost $3000 dollars! Not to mention the fact that I'm single with no children.