Democrat Property Tax Relief Proposal
Enlighten-NewJersey - Manzo’s Property Tax Relief Plan:
Based on a plan developed by the New Jersey Coalition for Property Tax Reform and refined by Assemblyman Louis Manzo (Hudson-D), the state would impose a 25 percent surtax on state income taxes to “to cut school property tax bills in half.”
To mitigate the need for higher property taxes and to bring about parity in per student spending throughout the state, New Jersey introduced the income tax in 1975. New Jersey’s Constitution stipulates revenue from the income tax can only be used to reduce the public school portion of property tax bills.
This year New Jersey will collect a minimum of $9.5 billion in revenue from the state’s income tax and all of it will be distributed to municipalities for the sole purpose of reducing property tax bills. However, property tax relief is not allocated in a fair and equitable manner.
Homeowners living in New Jersey’s urban centers receive huge property tax reductions, while those living in rural and suburban towns receive little in the way of relief. Families with identical incomes and home values receive wildly different property tax relief from the state under the present system. This inequality has led to the current property tax crisis in New Jersey.
New Jersey Property Taxes
Based on a plan developed by the New Jersey Coalition for Property Tax Reform and refined by Assemblyman Louis Manzo (Hudson-D), the state would impose a 25 percent surtax on state income taxes to “to cut school property tax bills in half.”
To mitigate the need for higher property taxes and to bring about parity in per student spending throughout the state, New Jersey introduced the income tax in 1975. New Jersey’s Constitution stipulates revenue from the income tax can only be used to reduce the public school portion of property tax bills.
This year New Jersey will collect a minimum of $9.5 billion in revenue from the state’s income tax and all of it will be distributed to municipalities for the sole purpose of reducing property tax bills. However, property tax relief is not allocated in a fair and equitable manner.
Homeowners living in New Jersey’s urban centers receive huge property tax reductions, while those living in rural and suburban towns receive little in the way of relief. Families with identical incomes and home values receive wildly different property tax relief from the state under the present system. This inequality has led to the current property tax crisis in New Jersey.
New Jersey Property Taxes
