Taxes in New Jersey

The public's strong opposition to Governor Jon Corzine's plan to eliminate the state property tax deduction for all non-senior households has already made an impact. On Thursday, March 19, 2009, reacting to overwhelming public angst, Governor Corzine adjusted his budget plan to include the restoration of the property tax deduction for senior households and taxpayers earning up to $150,000.

However, now is not the time to give up. While the partial restoration of this critical deduction is a step in the right direction, Governor Corzine still has plans to eliminate property tax rebates for everyone except senior citizens and households who make less than $75,000. Take action by sending a letter to let Trenton know skyrocketing property taxes threaten New Jersey's economic well-being. Tell lawmakers that chipping away at incentives, such as the property tax deduction, is harmful to homeowners and threatens an already unstable housing market and subsequently the overall economy.

According to an article in Forbes magazine that appeared on May 22, 2009, State and local taxes consumed an average of 9.7% of Americans' income in 2008, but with big geographic variations. New Jersey and New York residents carry the heaviest tax load. The Philadelphia Inquirer reported last June that the Garden State has the highest property taxes in the land at $6,796 per household, an increase of 50% in just five years. The New Jersey League of Municipalities noted in 2005 that property taxes represented 45% of all state and local revenue; the national average was 31%.

Most individuals may not be ready for a "Tea Party", but sending a letter to Trenton to protect your interest is a step in the right direction.