Governor Christie’s proposed State Budget provides that the Homestead Tax Credit will not be changed and will remain capped at last year’s reduced benefit levels.
Failure to fully restore the Homestead Tax Credit would prove to be onerous to individuals living on fixed incomes, trying to meet the climbing costs of health care, housing, utilities, food, and other necessities. And in some cases, seniors have been forced to move out of the state altogether. Unfortunately, for many struggling seniors, this is ultimately the only option that they can afford given our state’s highest in the nation property taxes.
The budget proposal would also decrease the aid to municipalities by $8.2 million. Since municipalities and other local entities already have the right to override the 2% cap on levies, will this translate into even higher property taxes being levied on seniors and other New Jersey citizens?
AARP New Jersey urges the Governor to fully restore the Homestead Tax Credit that, based on the Governor’s recent budget proposal, will remain at a level significantly beneath that of the previous administration, and will ultimately fail to give struggling homeowners the property tax relief that they need.
AARP New Jersey Volunteer
Lawrenceville, New Jersey