Signed by Governor Jon Corzine

Vote Smart's Synopsis:

A vote to pass a bill that reduces property taxes for moderate and low income individuals and limits local tax increases to 4 percent.

Highlights:

- Limits any increase in the amount collected by property tax for school districts, counties, municipalities, fire districts, and solid waste collection districts to four percent (sec. 3a). - Allows for adjustments by written request based on changes in expenditures, which must be passed by 6o percent of the people in that area [sec. 11 (b)(1)]. - Allows the Commissioner of Education or the Local Finance Board to grant cap waivers for certain expenses instead of obtaining voter approval (sec. 3, 11). - Changes the current homestead rebate act to give homeowners either rebate or credit, depending on income [sec. 23(3a)]:

-20 percent rebate/credit for individuals with an income level under $100,000 -15 percent rebate/credit for individuals with an income level between $100,000 and $150, 000 -10 percent rebate/credit for individuals with an income level between $150,000 and $250,000

- Allows higher rebates based on income for those over the age of 65 [sec. 23(3b)]:

- $1,200-$1,000 for seniors with an income under $70,000 - $800-$600 for seniors with an income between $70,000 and $125,000 - $500 for seniors with an income between $125,000 and $200,000

- Requires arbitrators to consider restrictions placed on state employers by the tax increase limit when determining awards [sec. 14(g)(9)]. - Permits all local units of government, including local boards of education, to set employee salaries through collective negotiation, including any reductions in salary which will be compensated by health benefits [sec. 42(7a)].

Full Bill Text

Vote Smart's Synopsis:

A vote to pass a bill that reduces property taxes for moderate and low income individuals and limits local tax increases to 4 percent.

Highlights:

- Limits any increase in the amount collected by property tax for school districts, counties, municipalities, fire districts, and solid waste collection districts to four percent (sec. 3a). - Allows for adjustments by written request based on changes in expenditures, which must be passed by 6o percent of the people in that area [sec. 11 (b)(1)]. - Allows the Commissioner of Education or the Local Finance Board to grant cap waivers for certain expenses instead of obtaining voter approval (sec. 3, 11). - Changes the current homestead rebate act to give homeowners either rebate or credit, depending on income [sec. 23(3a)]:

-20 percent rebate/credit for individuals with an income level under $100,000 -15 percent rebate/credit for individuals with an income level between $100,000 and $150, 000 -10 percent rebate/credit for individuals with an income level between $150,000 and $250,000

- Allows higher rebates based on income for those over the age of 65 [sec. 23(3b)]:

- $1,200-$1,000 for seniors with an income under $70,000 - $800-$600 for seniors with an income between $70,000 and $125,000 - $500 for seniors with an income between $125,000 and $200,000

- Requires arbitrators to consider restrictions placed on state employers by the tax increase limit when determining awards [sec. 14(g)(9)]. - Permits all local units of government, including local boards of education, to set employee salaries through collective negotiation, including any reductions in salary which will be compensated by health benefits [sec. 42(7a)].

Full Bill Text