New Jersey property taxes cost the average homeowner around $7519.00 a year. That’s nearly 12 percent of the average household’s annual income. In 2009, the bite was less, at around 10 percent. That 20 percent hike is troubling, not only for homeowners, but for politicians who count on their votes.
Assembly Majority Leader Lou Greenwald’s proposal to provide a 25 percent credit of property taxes for seniors and the disabled — and 20 percent for anyone earning less than $250,000.00 – while reasonable, is staunchly opposed by Governor Christie, since Greenwald proposes it be funded by a millionaire’s tax.
Instead, Christie would like to see a 10 percent cut across the board in income tax — as would many of New Jersey’s wealthiest residents no doubt.
And that would exactly help the state, how?
Governor Chris Christie wants to cut income taxes by 10% for every New Jerseyans. Assembly Democrats have a plan they say can provide a 20% property tax cut for…