Governor Corzine Highlights Property Tax Reform in New Jersey

In his state of the state address, New Jersey Governor Corzine outlined a proposed property tax reform package and emphasized property tax breaks that are fairly progressive in terms of who benefits.  The proposed package would reduce property taxes by 20% for those with incomes less than $100,000.  Those with incomes of $100,000 to $150,000 would see 15% reductions, and those with incomes of $150,000 to $250,000 would see a reduction of 10%.  In addition to the tax cuts, the proposal would also cap the amount property taxes can be increased per year at 4%.