For the first time since Fiscal Year (FY) 2001, New Jersey's state budget does not rely on tax or fee increases. Gov. Jon S. Corzine signed a $33.47 billion state budget for FY 2008 that is committed to no new taxes, substantial tax relief and serious protection for the most vulnerable members of society.
"This Fiscal Year (FY) 2008 budget spends only what we can pay for, provides new efficiencies and savings, eschews the tricks and gimmicks of budgets past and upholds our commitments to the most vulnerable in our state and society," said Corzine.
Above all, the FY 2008 budget provides New Jersey citizens with considerable property tax relief. The budget reflects an increase of nearly $2 billion to the state's property tax relief programs and includes an additional $300 million in tax savings to businesses and working families.
Property Tax Relief
At the core of the budget is a $16.8 billion rebate dedicated to property tax relief for New Jersey homeowners and tenants. This figure represents almost half of the entire budget.
Corzine has allotted nearly $3 billion in direct relief for more than three million homeowner and tenant households. Accounting for the bulk of that $3 billion is the new $2.25 billion property tax relief program that was enacted in April. Under this program nearly two million families will receive an average rebate of $1,000. This triples what they received last year.