Say Goodbye To Your Property Tax Rebate (Unless You're A Senior)

Property tax rebates will be suspended this year for homeowners except senior citizens under Gov. Jon S. Corzine's revised budget proposal, state Treasurer David Rousseau told the Assembly Budget Committee today. The change would save the deficit-riddled state budget $459 million. Corzine's original budget proposal limited rebates to households with incomes under $75,000, but now 510,000 more households would lose rebates averaging $670 to $890. "Unfortunately, due to the severe revenue decline, we're going to have to suspend for this year the rebates to nonseniors," Rousseau said. That is among $1.6 billion in changes to the budget revealed today. State spending in fiscal 2010 is estimated at $28.6 billion under the new budget plan. The proposed surcharge on income taxes paid by the wealthy is being expanded. Taxpayers with incomes of $400,000 or more would be affected, rather than those at $500,000 and above. And a higher surcharge would apply to incomes over $1 million. The Corzine administration is also now projecting it will collect $200 million in delinquent taxes through its amnesty program, up from the $100 million that was first projected. That money would help balance the current budget, which ends June 30. App.