New Jerseyans to enjoy property tax write-off

This is a great news for the dwellers or denizens of New Jersey or the mid-Atlantic state on the Atlantic. Jon S. Corzine, the Governor of the State of New Jersey made an adjustment in his $29.8 billion budget proposal to take account of the restoration of the property tax deduction for all New Jersey taxpayers earning up to $150,000. It is to be noted that the original proposal kept hold of the deduction for all senior taxpayers and the fresh adjustment will reinstate the deduction for all other taxpayers earning up to $150,000.

Speaking on this the Hon’ble Governor said in a press release, “I’ve been listening to New Jerseyans and think we need to preserve this deduction to continue our fight to ease the burden of property taxes.” “To that end, I will adjust the budget proposal I made to the Legislature by restoring the property tax deduction to nearly 1.5 million working families.”

Have a vivid description of the new approach therefore. According to the latest approach or Governor’s adjusted budget proposal, 84 percent of New Jersey taxpayers will get a full deduction. What’s more, for the sake of this near-complete restoration, a one-year only increase in the “millionaire’s tax” will be implemented. That tax was enacted in 2004 and applies to the wealthiest one percent of New Jerseyans, those who make more than $500,000 a year.

In this regard, Senate President Richard J. Codey said, “Given the circumstances, allowing people to maintain their property tax deduction is the right thing to do and will help ease the pain for those being squeezed the most.”

“Preserving property tax relief for working families has always been our shared goal,” Assembly Speaker Joseph J. Roberts, Jr. said. “The concerns of New Jersey homeowners remain our top priority as we work to craft a budget that meets their needs in these difficult economic times.”

“With this adjustment, my administration continues its efforts to assist working families in New Jersey in every way possible, but especially by providing relief from high property taxes,” Corzine said. “There are things in the proposed budget that we might not choose to do in normal times but even when the choices are tough, we must choose to do what is right for New Jersey.”