TRENTON, N.J. (AP) – Legislative leaders announce their ideas for reforming New Jersey’s much-maligned property tax system.
Under the plan announced yesterday, most residents would see their property taxes slashed by an average of 20 percent through a tax credit paid directly to homeowners.
The proposal also calls for changing school funding, pushing local governments to merge and halting property tax rebate checks.
The average New Jersey resident now pays six-thousand dollars annually in property taxes, twice the national average. A 20-percent cut would slice that average bill to 48-hundred dollars.
Senate President Richard Codey and Assembly Speaker Joseph Roberts Junior say the aim of the plan is to bring quick help to taxpayers. Four legislative committees have been meeting for months, studying how to lower the taxes, which are used to pay most county, municipal and school services.
(Copyright 2006 by The Associated Press. All Rights Reserved.)