Corzine’s Blueprint For Property Tax Relief

This post deals exclusively with the property tax relief aspects of New Jersey Governor Jon Corzine’s property tax address given today before a joint legislative session. The information is presented in outline form to make it easier for later analysis and discussion. The outline headings are ours (bolded text), but every sentence below each heading is word for word from Corzine’s speech.

Our post outlining Governor Corzine’s blueprint for property tax reform may be read here.

Our analysis and comments concerning Corzine’s blueprint for property tax relief and reform will be covered in future posts.

Update: Read our post Creating An Equitable And Efficient New Jersey Property Tax Relief Program

The State’s Financial Condition

If we were a business, we’d be bankrupt.

Need For A Property Tax Relief Program

We all have to acknowledge that the reforms we implement will take time before the public feels the results.

Now, I’m not Noah Webster, but in the Corzine lexicon, relief is direct assistance brought quickly to reduce what someone actually pays.

Current Property Tax Rebate Program

Currently, we send rebate checks to the public as a means to lighten the burden and dampen the regressivity of property taxes on seniors and middle-income families.

We call this property tax relief, but I think many of you would agree that few people outside of Trenton actually make the connection.

New Property Tax Relief Program

If we want to lower people’s property tax bills, then we ought to do just that.

Replace the checks with direct credits that will lower the bill someone pays.

My administration will have the technology in place to do this by July 1, 2007.

I propose that we take $350 million of the dedicated sales tax revenue and combine it with the existing funding for rebates.

This will create a credit program of more than $1.6 billion to lower tax bills for senior citizens and middle-class families and to potentially double the credit for tenants.