GOVERNOR CORZINE COMMENDS MENENDEZ, HOLT, FOR EFFORTS ON BEHALF OF PROPERTY TAX RELIEF

MONROE TOWNSHIP – Governor Jon S. Corzine today lauded the efforts of U.S. Senator Robert Menendez and Congressman Rush Holt for their contribution to easing property tax burdens on families in New Jersey, and throughout the nation.

“On the state level, we remain vigilant in our dedication to property tax relief for homeowners,” Governor Corzine said. “In these trying economic times, we must do whatever we can to provide relief to working families. This measure is certainly a step in that direction.”

Senator Menendez and Congressman Holt pushed for a provision in the federal American Housing Rescue and Foreclosure Prevention Act that allows a federal property tax deduction of up to $500 for single filers, $1,000 for joint filers, for those who do not itemize deductions. Previously, taxpayers who did not itemize received no deduction for property taxes paid. The bill was recently signed into law.

“On both the state and federal level, we must remain steadfast in our efforts to keep property taxes in check, and I am pleased to have Senator Menendez and Congressman Holt as allies in this effort,” Governor Corzine said.

Governor Corzine reiterated state efforts toward property tax relief, most recently evidenced by measures in the Fiscal Year 2009 $32.9 billion state budget, more than half of which is dedicated to property tax relief. The budget maintains the property tax rebate program, dedicating $1.6 billion for rebates to homeowners with incomes of up to $150,000 a year. The budget also provides $600 million more for public education, which makes up the majority of most local property tax bills.

And while allocating a sizable percentage of the state budget to tax relief, Governor Corzine’s budget also contains a $2.9 billion reduction in spending; reduces the size of government by 3,000 workers through early retirement and attrition; cuts the operating budgets of every state department by an average of five percent and eliminated altogether the Department of Personnel and the Commerce Commission. The budget also dedicates $650 million toward debt reduction – a measure that will save New Jersey taxpayers an estimated $135 million a year for the next five years.

The Homestead Rebate Program, funded at $1.7 billion, will average $1,000 for about 1.6 million New Jersey homeowners. At $169 million, the Senior Freeze Program provides property tax reimbursements for needy senior citizens and disabled homeowners. Checks for qualifying recipients are expected to average $1,000 this year.

In addition, the budget provides $536 million for the Property Tax deduction; $71.5 million for a Veterans Property Tax deduction and more than $20 million for the Senior/Disabled property tax deduction. Combined, the direct relief programs total $2.5 billion.

The state Department of the Treasury mailed out rebate checks this summer to New Jersey residents qualifying for the Senior Freeze and the Homestead Rebate Programs, and has extended the deadline for application from Aug. 15 to Oct. 31. Homestead rebate checks for non-seniors will be mailed out next month.

Information about the Homestead Rebate Program is available by calling the Homestead Rebate Hotline, (888) 238-1233 for homeowners, (888) 213-8623 for tenants. Homeowners who have not filed rebate applications can do so by phone at (877) 658-2972, or online at www.state.nj.us/treasury/taxation/.

Information about the Senior Freeze (Property Tax Reimbursement) Program is available by calling (800) 882-6597 or on the Division of Taxation’s Web site at www.state.nj.us/treasury/taxation/propfrez.htm.

Information regarding all state property tax relief programs may be found at www.state.nj.us/treasury/taxation/relief.htm.

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