From the Star Ledger:
Is a one-time $125 property tax credit really worth that much? Well, it would be a good start, Murphy insists.
Admittedly, a one-time $125 property tax credit for two million residents of the state with the highest property taxes in the nation isn’t much.
But it’s a good start, argued Gov. Phil Murphy, who has said New Jersey tax filers will receive the credit if state lawmakers pass his proposal to raise income taxes on the state’s millionaires.
Murphy said the one-time credit would be on top of other property tax credits, like the homestead credit.
But taxpayers shouldn’t start counting on the extra $125, because lawmakers are refusing to give Murphy his millioinaries tax. The Democratic-controlled state Legislature has not included it in the state budget its plans to pass Thursday.
Murphy floated the $125 credit as a way to incentive lawmakers in his own party to support a bump in the income tax for people who earn more than $1 million.
Taxpayers — including both homeowners and renters — who earn $10,000 to $250,000 a year in gross income would qualify for the credit.