AARP Tele-Town Hall on the Senate Democrats’ Real Property Tax Relief Plan

4/19/2012 - Senate President Steve Sweeney (D-Salem, Cumberland, Gloucester) and Senate Majority Leader Loretta Weinberg (Bergen) speak with Doug Johnston from AARP New Jersey during today’s AARP telephone town hall with seniors from across New Jersey to discuss their plan for real property tax relief for New Jersey residents. The Senate Democrats’ proposal would reduce by 10 percent the property tax burden of New Jerseyans earning less than $250,000 a year. Renters would receive $200 a year after full phase in of the plan. Under the plan, a family earning the state's median income of $69,811 with property taxes at the state average of $7,758.20 would save $775.82 under the Senate proposal. Under the governor's proposed income tax scheme, they would save just $97.78; meanwhile a millionaire would get a $7,265.75 tax break and those earning $3 million would save $25,200 a year.