Measure Would Provide Significant Property Tax Relief to 95 Percent of Homeowners
(TRENTON) — Assembly Budget Committee Chairman Vincent Prieto (D-Hudson) issued a multimedia package Wednesday discussing the merits of the Assembly Democrats’ 20 percent property tax credit plan and contrasting that plan with the income tax cut proposed by Gov. Chris Christie.
The plan proposed by Assembly Democrats would help 95 percent of New Jersey homeowners: providing a maximum property tax relief credit of $2,000, with the average family slated to receive $1,552; and senior or disabled homeowners receiving a maximum property tax relief credit of $2,500, with the average senior homeowner slated to receive $1,939.
This plan would provide relief against property taxes that have soared a net 20 percent under Gov. Christie. By contrast, a family of four making $50,000 would only receive $80 under the governor’s plan.
The multimedia package consists of a video of Chairman Prieto discussing the property tax credit 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:
“Property tax relief is what the residents of the State of New Jersey are looking for.
“We’re looking at giving to the poor and middle class relief today; and it would be 20 percent property tax relief and 25 percent to seniors and disabled. If your taxes are up to $10,000, you will get 20 percent — that is actually $2,000 — off your taxes.
“That’s astronomical. I think that could help every working family in the State of New Jersey.
“The governor’s proposing a 10 percent income tax [cut] that only benefits basically the rich. The income tax [cut] that the governor wants to put that where somebody making $50,000 would only get $80.
“Nobody’s complaining about the income tax.
“So, property taxes are the number one — it’s all I’ve been hearing for the last eight years now in the Assembly, that we’re the highest in the nation. We can deliver 20 percent relief to 95 percent of homeowners in the State of New Jersey.