The Garden State Is Not Quite Rosy

New Jersey's property taxes are among the highest in the nation. Much has been made in the national press about New Jersey Governor Jon Corzine's efforts to reduce the state's property tax. The property tax saga has been full of ups and downs including heated political debates, a sales tax increase, and even a temporary government shut down. Now lawmakers expect the Governor to sign a bill that includes $2 billion in property tax credits that will cut property taxes for most homeowners. Those earning less than $100,000 a year would see a 20 percent cut in their property tax bills. Those earning between $100,000 and $150,000 would see a 15 percent cut, and those with incomes between $150,000 and $200,000 would see a 10 percent cut. But 90 percent of New Jerseyans remain skeptical of the proposal. Jon Shure of New Jersey Policy Perspectives is skeptical too, arguing that the proposal (which pays for these across-the-board property tax cuts by diverting sales tax revenue and repealing an existing "circuit-breaker"-style property tax credit) falls far short of the long-term structural reform that New Jersey needs