Plan Would Provide Up to 20% Property Tax Credit for 95% of NJ Homeowners
(TRENTON) — Assembly Budget Committee Chairman Vincent Prieto (D-Hudson) issued a multimedia package Wednesday on the recently unveiled Assembly Democratic property tax relief proposal that would provide up to a 20 percent property tax relief credit for New Jersey’s middle-class and lower-income homeowners.
The Assembly Democratic plan would help 95 percent of New Jersey homeowners, providing a maximum credit of $2,000 — with the average family set to receive a $1,552 credit — that would provide relief against property taxes that have soared a net 20 percent under Republican Gov. Chris Christie.
The multimedia package consists of a video of Chairman Prieto discussing the Assembly Democratic property tax relief plan and audio and a transcript of same.
The audio file is available upon request.
A transcript of Chairman Prieto’s comments is appended below:
Assemblyman Vincent Prieto (D-Hudson), Assembly Budget Committee Chairman:
“Yesterday we unveiled a property tax relief plan that would deliver property tax relief to the middle class and the lower earner income people of the State of New Jersey, that it would bring relief to about 95 percent of the homeowners in the State of New Jersey.
“It would affect anybody making up to $250,000. You would be able to get 20 percent of your property taxes — up to $10,000 — so that would be a maximum of $2,000 of real property tax relief. Homestead rebates are not affected by this and renters actually get something back also.
“The Assembly property tax plan is much better than the governor’s income tax cut because it delivers relief to the middle class and the poor of the State of New Jersey that have been burdened with excessive amount of property taxes throughout all these years.
“I get no calls on income tax, you know, that it’s a problem. It’s property taxes. We keep hearing over and over that we are the highest in the nation and over the last two years, we have seen net property taxes rise by 20 percent under this governor. So, the millionaires have gotten breaks while the working and the poor have taken the brunt of this administration.
“This will deliver 20 percent credit to these people that really need a break.”