Recently, Governor Chris Christie said that we should be careful about increasing the Homestead Credit because “it is other peoples’ money.” He also went on to note that the average property tax rate increase in 2011 was 1.8% IF the Homestead Credit that the Governor supports is included in calculations (as opposed to 2.4% without). This is good news. However, the Governor’s cautionary tone regarding increasing the Homestead Credit further is bad news.
AARP does credit Gov. Christie for changing the Homestead Rebate into a credit, a much more efficient and effective system that Gov. Corzine failed to implement.
The Governor should announce his support for restoring the Homestead Credit to Corzine administration levels. Then Gov. Christie will make history by truly cutting property taxes.
Volunteer, AARP New Jersey
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