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Posts tagged ‘budget’

Will you be affected by the postponement of the Homestead Property Tax Relief?

 Are you one of the 1.6 million people who qualify for the New Jersey Homestead Property Relief Program?

  • Seniors and disabled residents receive, on average, $516 in property tax relief.
  • Resident homeowners earning less than $75,000 receive $402 in relief.

Do you pay more than the statewide average in property taxes?

  • The average is $8000.
  • Governor Christie passed a law nearly 4 years ago preventing property taxes from increasing more than 2% in any given year.

Why is the Relief being postponed?

  • The program costs the State $375 million per year.
  • The Governor’s reduced budget plan needs to slash that $375 million to close the gap between expenses and income.

What other budget items are being cut?

  • The State is cutting its contribution to the public employee pension system by $1.57 billion dollars, despite having agreed to increase pension fund contributions as recently as 2011.
  • Another $160 million will be cut from departmental spending and $15 million will be cut from NJ Transit funding.

 

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