Property Tax Bill Signed

In early April Governor Corzine signed a bill for property tax relief that he and other Democrats call the centerpiece for “reining in the top policy issue for state residents”. The bill will generate credits on municipal taxes, up to 20% for home owners with less than $100,000 annual income. Also included is a minor spending cap on local government spending. Critics of the bill cite the $2.3 billion cost to the state for the credits and wonder if the bill can be sustained for more than one year.