Major Property Tax Reform Announcement

Tomorrow morning New Jersey Senate President Dick Codey and Assembly Speaker Joe Roberts will unveil a plan to deal with property tax reform. The plan “has the potential to develop into New Jersey's first major tax system overhaul in three decades.”

Neither Codey nor Roberts would comment specifically about the proposal on Monday, but several legislative officials knowledgeable about it, who spoke on condition of anonymity, said the legislative leaders will ask Corzine to call the Legislature into special session in July so he can discuss property tax reform.

The agenda would include topics such as school funding changes, public employee pension reforms and shared government services.

If successful, it would produce the first major reform to state tax law since the income tax was created in 1976.

The only thing new here will be the call for a special legislative session as Roberts has already given a broad overview of his CORE plan. Hopefully, there will be more in the plan than cost and tax shifting.

Hope springs eternal.