Governor Calls for Property Tax Reform

In his address, Corzine called for property tax reform and spending caps. He also reiterated the much-publicized fact that the state has been looking at possibly selling or leasing such assets as the New Jersey Turnpike and Garden State Parkway to raise some cash and retire some debt. He also called for the increased preservation of open space, and for an increase in affordable housing.

On the subject of property taxes, "the time to act on relief is now," Corzine told legislators and invited guests. "Property taxes are the cork in the bottle that constrains the state's resources and holds back the public's confidence in the future."

"Progress has been made," he continued, referring to various tax reform measures that have been coursing through the state senate and assembly chambers. "We have no excuse for not finishing our work. The challenge is our responsibility, and if we stand down, if we are unable to bring closure, we should ask for a constitutional convention. Regrettably, I don't see another choice."

On the same subject, Corzine also spelled out a plan that would give tax credits to nearly two million homeowners with combined annual incomes of less than $250,000. He also vowed to veto any plan that doesn't limit annual property tax increases to 4%. Finally, he called for establishment of a state comptroller as a means of cutting wasteful government spending.

As far as selling or leasing state assets, "the potential is that we literally restructure the state's finances by paying down billions of dollars of debt and freeing up billions of dollars of cash flow for capital investment," Corzine told legislators. "Working together, I'm confident that we can establish a framework for asset monetization. Most importantly, under no circumstances will asset monetization be used as a one-time budget fix. It ain't gonna happen."

And on the subject of preservation, "we need to protect our open space and create more urban parks, especially in light of the need, in 2007, to ask voters to renew the Garden State Preservation Trust."