Lower Property Taxes



#1: Lower property taxes to make home ownership more affordable

“New Jersey can and should be a place where our residents can afford to live and work for generations.  As Governor, I will lower your property taxes through comprehensive reform of our broken school funding formula – a system where 60% of state aid goes to just 5% of the districts is unsustainable.”  –Jack Ciattarelli

  • Shift extraordinary special education costs, which create an unfair burden on property taxpayers, to the state
  • Restore state aid to struggling suburban, shore area and rural schools to relieve the financial burden on local communities
  • Redefine “local fair share” so no community funds less than 25 percent of its school operating budget or construction costs.
  • Reduce costs and increase efficiency by incentivizing voluntary regionalization among our 565 towns and 600+ school districts
  • End property tax increases as a result of home improvements 
  • Freeze property taxes for all homeowners at age 65 regardless of income or length of residency

 

#2: Reform the tax code to help families and make New Jersey competitive

 As governor, I will reform and modernize the tax code so that our residents will do better, our state will prosper from more opportunity, and our tax code will function as a magnet for new residents and businesses from neighboring high-tax states.” -Jack Ciattarelli

  • Reduce taxes for all income brackets by implementing a 0% rate for taxable income up to $20,000, simplifying brackets to provide relief to the middle class, and lowering the uncompetitive top rate from the nation’s second-highest to out of the top ten
  • Make all retirement income tax free
  • Create income tax credits or relocation bonuses for New Jersey residents who transfer their employment from New York to New Jersey, incentivizing workers, not companies
  • Provide a higher tax benefit for middle-class families with children by replacing the child tax exemption with a Child Tax Credit of up to $500 per child, about five times the current benefit, and allowing eligible families to instead take the NJ Earned Income Tax Credit if higher.
  • Provide a tax deduction for charitable contributions and personally paid-for health insurance premiums
  • Make student loan interest tax-deductible
  • Allow the first 36 months of mortgage interest to be tax-deductible for first-time homebuyers
  • Prohibit taxing the gain on the sale of a home or second home
  • Index income tax rates and exemptions to account for inflation, which currently pushes many taxpayers into a higher bracket, imposing “hidden tax hikes” that disproportionately hurt the middle class

Do you agree?

Jack 4 NJ