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A Message from the Governor...
For more than a quarter-century,
the taxpayers of New Jersey have faced a property tax crisis.
Now, with our State's
economy back on the right track, it is time to address this
crisis with a bold and decisive break from the status quo.
It is time to provide immediate property
tax relief for the people of New Jersey, and long-term
reform of our State's
tax system.
Since taking office, this Administration
has restored fiscal responsibility to State government
without putting the strain on New Jersey's taxpayers.
Already, we have balanced three budgets without raising
the sales or income taxes, and we reduced State spending
on operations for three years in a row. We have also closed
over $1 billion in corporate tax loopholes.
However, despite providing over half
of our last budget - more
than $12.3 billion - for direct property tax relief,
we need to do more to face down this serious problem.
I recently proposed the Fair and
Immediate Relief (FAIR) Plan to provide immediate tax relief
and long-term reform. Under this plan, we are providing
fast property tax relief to almost two million middle class
families and seniors - those
most in need of support.
The FAIR plan also calls for a freeze
in government spending increases - at all levels of government. In addition,
through a Citizens Property Tax Constitutional Convention,
we are empowering the citizens of New Jersey to lead those
in Trenton in creating a permanent solution to the State's
tax system.
I need your support to make this plan a reality. By visiting
this website, you have already become a participant in this
important statewide discussion. Thank you for making your
voice heard, and I look forward to working with you to enact
real property tax reform.
With all best wishes,
James E. McGreevey
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FAIR -- Fair and Immediate Relief
A plan to provide immediate
relief, spending reforms, and long-term structural changes
to New Jersey's property tax system. This plan is driven
by the same values that guided the Governor in overhauling
auto insurance and the DMV.
- Immediate relief for the hardest hit
seniors and middle class taxpayers.
- Reforms that will limit bureaucratic and administrative
spending.
- Plan to involve the citizens of our state in meaningful
property tax reform by putting a property tax convention
on November 2005 ballot.
1. Middle Class Property Tax
Relief
- Nearly two million senior citizens
and middle class New Jerseyans will benefit.
- Raises $800 million for hardest
hit property taxpayers, with every penny dedicated
to property tax relief.
- Doubles direct property tax relief
from $670 million to $1.5 billion.
- The maximum Homestead Rebate check
for senior citizens will increase, from $775 to
$1200 - 458,000 seniors will receive $1200 maximum.
- Direct property tax relief will
triple for nearly 1.2 million families, from $250
to a new maximum of $800. Another 190,000 will double
average rebates to $500.
Governor McGreevey is asking the
Legislature to enact a 2.6 percent millionaire's tax
on income over $500,000. Today, a family earning $550,000
receives a $19,000 windfall from the Bush tax cut.
After the millionaire's tax is paid, they will keep
$18,154, for a total cost of $846. No one will see
an increase on income below $500,000 - it will impact
only 28,500 taxpayers - less than one percent.
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