Assembly Democratic Plan
20% property tax relief credit on the first $10,000 paid in property taxes for non-seniors/non-disabled up to $250,000 in income. 25% for seniors and disabled. Preserves “Senior Freeze”, Increases minimum credit to $250 (benefits tenants)
10% income tax cut
What It Means
Real relief to more than 95% of New Jersey homeowners, starting now
Disproportionate benefits to millionaires, any relief delayed until tax year 2013
Relief to a Family Making $100,000/year
A family with household income of $100,000 paying $8,000 in property taxes receives $1,600 in property tax relief (if it’s a senior or disabled household, $2,000)
$275—barely enough to cover a middle-class family’s grocery bill
Real shared sacrifice; Moves millionaires back to their FY 2010 status and eliminates a tax break they have been receiving an average of $40,000 a year each of the past two years
Tax handout of $7,265.75—enough for an exotic vacation
Additional Relief for FY 2013: $1 billion
Additional Relief for FY 2016: $2.12 billion
Relief for FY 2013: $174 million
Relief for FY 2016: $1.4 billion
Real, immediate relief from NJ’s most regressive tax
Delayed cuts in NJ’s most progressive tax, resulting in disproportionate benefits to the wealthiest few
Thursday, April 19, 2012
Greenwald, DeAngelo & Benson: Middle-Class Family Struggles Show Assembly Dem 20% Property Tax Relief Credit Best for N.J.
[HAMILTON] – Touting their plan to provide a 20 percent property tax relief credit to middle-class families and a 25 percent property tax relief credit to senior and disabled citizens, Assembly Majority Leader Louis Greenwald and Assemblymen Wayne DeAngelo and Daniel R. Benson on Wednesday met with a Mercer County family to hear concerns about property tax hikes endured under Gov. Christie.
Property taxes have increased a net 20 percent under Christie, but the Assembly Democratic plan would provide an average of nearly $1,600 for middle-class families and nearly $2,000 for senior and disabled citizens.
Greenwald, DeAngelo and Benson joined the Castellano family of Hamilton to discuss how the Assembly Democratic property tax relief credit would benefit New Jersey’s middle-class families and senior citizens.
“Our plan is simple: a 20 percent property tax relief credit to middle-class and working families and 25 percent property tax relief credit to seniors and the disabled,” said Greenwald (D-Camden/Burlington). “The property tax is the most crippling, destructive tax we have, and it’s strangling our families. The average property tax bill has topped $7,700 under this governor, and that’s why we’ve proposed real, immediate property tax relief for middle-class families and seniors.”
“The governor has zealously protected tax cuts for New Jersey’s 16,000 millionaires while overseeing a huge net property tax hike for everyone else,” said DeAngelo (D-Mercer/Middlesex). “The Assembly Democratic property tax relief credit is the kind of relief middle-class families and senior citizens need. As they suffer under the governor’s property tax hikes, the families of my district want us to deliver 20 percent property tax relief, and seniors need 25 percent, not more handouts from the governor to the wealthy.”
“Millionaires are doing just fine under this governor, while everyone else is struggling with the governor’s net 20 percent property tax hike,” said Benson. (D-Mercer/Middlesex). “Our plan for a 20 percent property tax relief credit for the middle-class and 25 percent for seniors strikes directly at the number one issue in our state. As we heard today, property taxes are the top concern of families trying to balance their budget. Struggling middle-class families such as the Castellano family in Hamilton need the Assembly Democratic property tax relief plan.”
Under the Assembly Democratic plan, residents earning up to $250,000 per year would receive a 20 percent property tax relief credit against the first $10,000 paid in property taxes - resulting in significant and immediate property tax relief to 95 percent of households. The credit would rise to 25 percent for senior citizens and disabled residents. This would provide nearly $1,600 to middle-class families and nearly $2,000 for senior and disabled citizens.
To view the Assembly Democratic plan visit http://www.assemblydems.com/proptax.pdf.
The Assembly Democratic plan provides these significant levels of relief by moving 16,000 millionaires back to their fiscal year 2010 income tax rates - eliminating a tax break through which millionaires have received an average of $40,000 per year for each of the past two years. Christie, meanwhile, has proposed an income tax scheme that would benefit wealthy New Jerseyans the most.
“The Governor was elected to serve all the families of New Jersey, not just New Jersey’s wealthiest few,” Greenwald said. “He should dial down the meaningless sound bites and stop obstructing the real 20 percent property tax relief credit New Jersey families deserve.”
Assembly Democrats: A Plan for 20% Property Tax Relief