NJ Tax Relief

An analysis released yesterday by the state Treasury Department shows that homeowners who qualify for the property tax credit program will see an average of $1,051 sliced from their property tax bills this year. The $2 billion tax relief program, which Gov. John Corzine is expected to sign into law, would cover 20 percent of property tax bills for those with incomes up to $100,000; 15 percent for those with incomes from $100,001 to $150,000; and 10 percent for those earning $150,001 to $250,000. The credit applies to the first $10,000 of a homeowner's property tax bill, meaning the maximum credit is $2,000. Senior citizens, who were entitled to rebates of up to $1,200 under the state's existing tax relief program, will continue to receive annual checks, for either the new program's credit or the old program's rebate, whichever amount is larger.