As part of a new development under Gov. Jon Corzine’s improved or brought up to date 2010 budget proposal, there shall be no more property tax rebates for the majority of the inhabitants of the US states of New Jersey. The news is indeed not pleasing for many although it is a reality. The updated budget, which was released on Tuesday by Treasurer David Rousseau, keeps rebates for seniors and the disabled but eliminates them for every person else.
Who will be the greatest beneficiary then? Well it is the state without any doubt since this single move saves in the region of a billion dollars to help close a $2 billion revenue shortfall for 2010. It should also be kept in mind that the revised budget increases income taxes on the wealthy, diminishes the amount of education funding proposed in the beginning and reduces funding for other programs. Earlier Tuesday, budget analyst David Rosen told lawmakers that income tax collections in budget year 2009 have plummeted by 19 percent and are projected to be nearly 10 percent down in the 2010 budget year, which begins in July.
New Jersey is a highly renowned state located in the Mid-Atlantic and Northeastern regions of the United States. It is bordered on the north by New York, and to its east the Hudson River, Sandy Hook Bay, Long Island and the Atlantic Ocean. Delaware borders New Jersey only on the southwestern side and Pennsylvania lies to the west of New Jersey. New Jersey lies largely within the sprawling metropolitan areas of New York and Philadelphia.
On the other hand Trenton is the capital of the U.S. state of New Jersey and the county seat of Mercer County. As of 2007, the United States Census Bureau estimated that the City of Trenton had a population of 82,804.
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