From the AP via Newsday:
The 20 percent property tax break proposed by state lawmakers will go to households that earn $100,000 or less, meaning nearly 70 percent of New Jersey homes will get the sweeping cut, legislative leaders announced late Monday.
Assembly Speaker Joseph Roberts Jr. and Senate President Richard J. Codey said other households will still get property tax relief under the plan being formulated, though the amount hasn’t been decided.
They said targeting a 20 percent property tax cut to households earning $100,000 or less would help those most burdened by property taxes that in New Jersey are twice the national average, at $6,000 per homeowner.
“It’s a very, very significant portion of folks who are struggling every day to pay their property taxes,” said Roberts, D-Camden.
“The percentage of their income that goes to property taxes is high,” said Codey, D-Essex.
A 20 percent cut for the average state homeowner would be about $1,200.
Legislators hope to enact reforms by year’s end, although changes to school funding and finalizing the tax credit plan may take longer.
Codey said Monday it’s a “possibility” that those earning more than $100,000 could get property tax cut breaks of 10 or 15 percent. He said nothing’s been decided, but he and Roberts said such taxpayers will get some relief.
Codey has previously said those earning more than $300,000 likely wouldn’t receive any property tax cut. He said Monday legislators continue to discuss a cutoff, but he wouldn’t disclose a number.
“We feel pretty confident we’ll get this resolved in the next couple of days,” Roberts said.