Plan Would Also Provide Middle-Class Families with 20% Property Tax Relief Credit
(WEST WINDSOR) – Assembly Majority Leader Lou Greenwald on Wednesday will participate in a virtual town hall meeting hosted by the AARP New Jersey to discuss the Assembly Democratic plan to give senior citizens a 25 percent property tax relief credit.
The credit would mean, on average, nearly $2,000 in property tax relief for senior and disabled citizens.
“Our plan means immediate and responsible property tax relief for New Jersey senior citizens fighting to stay in their homes while property taxes have unfortunately soared under this governor,” said Greenwald (D-Camden/Burlington). “We want to help seniors tackle the most crushing burden they face by providing major property tax relief. Anyone who claims to be concerned about New Jersey’s seniors must support this pro-senior plan.”
The Assembly Democratic plan would also provide middle-class families with a 20 percent property tax relief credit equaling about $1,600 per family.
The town hall meeting is set to begin at 10:30 a.m.
Under the Assembly Democratic plan, residents earning up to $250,000 per year would receive a 20 percent property tax relief credit against the first $10,000 paid in property taxes – resulting in significant and immediate property tax relief to 95 percent of households. The credit would rise to 25 percent for senior citizens and disabled residents. This would provide nearly $1,600 to middle-class families and nearly $2,000 for senior and disabled citizens.
To view the Assembly Democratic plan visit https://www.assemblydems.com/proptax.pdf.
The Assembly Democratic plan helps provide these significant levels of relief by moving 16,000 millionaires back to their fiscal year 2010 income tax rates – eliminating a tax break through which millionaires have received an average of $40,000 per year for each of the past two years.
Christie, meanwhile, has proposed an income tax scheme that would benefit wealthy New Jerseyans the most