Renters would share in property tax cut proposal

TRENTON – Under the Senate Democrats’ property tax cut plan unveiled today, tenants benefit as well.

For renters, the $50 property tax credit would be increased to $200, phased in over four years. It would grow to $100 in 2013, $150 in 2014 and $200 in 2015.

Although property owners would reap the better benefit, according to Senate President Steve Sweeney, renters will be helped as well.

In touting the upper chamber’s proposal, Sweeney today said that they were conservative in the numbers they used, assuming an annual 5 percent growth in income tax revenue as opposed to a 7 percent growth.

“It’s a simple plan, it’s not complex,’’ Sweeney said. “It’s not sexy, it’s simple.’’

Other aspects

The Senate Democrats’ plan would keep the Homestead credit program at current levels, maintain the senior freeze program, and would deliver tax relief a year earlier than the governor’s income tax cut proposal, Sweeney said.

The Assembly Democrats’ plan likewise would maintain those other programs.

Previous coverage:

Sweeney: Senate tax cut plan benefits middle class

 

Renters would share in property tax cut proposal