Governor Emphasizes Property Tax Reform in State of the State Address

Governor John Corzine said January 9 in his first State of the State address that soaring property taxes are hobbling New Jersey’s ability to pay for new school programs and better port security and are quashing the confidence in the future of the state.“The time to act on property-tax relief and reform is now. Property taxes are the cork in the bottle that constrains New Jersey’s resources and attention, and holds back the public’s confidence in their future.” He said that finishing the job of reducing the nation’s highest property taxes was the most pressing of issues to tackle in the year ahead. He is proposing a $2 billion tax-credit program that would provide from 10% to 20% tax cuts to homeowners, and a cap on annual property tax increases at 4%, down from about 7% a year, currently.

The governor said that after property taxes are cut, the state could among other things strengthen academic research, make college available to more students, increase security for ports. He continued, “And let me add, we should build on the historic plans of building a world-class New Jersey Stem Cell Research Institute by asking the public in 2007 to approve stem cell research grants.” The governor signed legislation in December providing $270 million to build five stem-cell research centers in the state, and legislation to allow a voter referendum on whether to borrow $230 million for stem-cell research grants will go to the legislature in January or February, according to the Senate president. (Governor’s State of the State Address/AP, January 9, 2007) (HMF/1/15/07)