Governor Chris Christie, a Republican, said New Jersey lawmakers should pass a tax break for homeowners in the next 60 days.
Christie has proposed a 10 percent credit, phased in over four years, for homeowners making $400,000 annually or less. The amount would be as much as 10 percent of property tax paid, capped at $10,000. Top Democrats have said they want to pass a cut, while blocking the governor’s proposal.
Christie, who is seeking a second term in November, has cited higher-than-forecast tax receipts for several months as an indication that the state can afford the breaks. He has also proposed a mechanism that would block the credits if they become unaffordable.
Src: Bloomberg