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: ASSEMBLY DEMOCRATS NEWS RELEASE 

: www.assemblydems.com/news.htm 

: FOR RELEASE: 
: July 18, 2006 

: CONTACT:        
: Assemblyman Manzo 
: (201) 309-0770 

: James Sverapa IV 
: (609) 292-7065 

: MANZO SMART BILL GAINS SUPPORT OF MORE THAN 1.5 MILLION NJ RESIDENTS 

: Assemblyman Will Deliver 10,000 Property Taxpayer Petitions 
: to Governor & Legislature 

:             (TRENTON) - Legislation Assemblyman Louis M. Manzo sponsored 
: that would create the New Jersey Save Money and Reform Taxes (SMART) Act to 
: dramatically reduce property tax rates in New Jersey has gained the support 
: of 10,000 individuals, 60 municipalities, and two counties. 

:             "The huge outpouring of support we have seen for the SMART Act 
: underscores the need for real property tax reform in New Jersey," said 
: Manzo(D-Hudson).  "Across the state, people are being unfairly and 
: disproportionately taxed out of their homes.  The SMART Act will help reduce 
: our reliance on property taxes and create a more equitable distribution of 
: our state's property tax burden." 

:             Manzo said he would deliver 10,000 petitions from New Jersey 
: residents to the Governor and the Legislature calling for the enactment of 
: the SMART Act.  Additionally, he noted the legislation has received 
: resolutions of support from 60 municipalities and two counties across the 
: state - representing more than 1.5 million residents. 

:             Under the bill (A-3335) the method through which New Jersey 
: schools are funded would be revised.  Currently, 60 percent of the state's 
: property tax revenue is used to fund schools.  Lower and middle-income 
: families spend nearly six percent of their yearly income to fund schools, 
: whereas families with incomes in the top one percent only pay one percent of 
: their yearly income to fund schools. 

:             The SMART Act would redistribute this unbalanced tax burden from 
: property taxes onto broader taxes - namely the income and sales tax - 
: effecting a near 50 percent reduction in school property tax rates. 
: Specifically, the bill would generate $700 million in tax relief from the 
: $1.2 billion FAIR Plan, $1 billion from the state sales tax, and $1.9 
: billion from a new income tax surcharge, enabling one million homeowners and 
: two million tenants to see an average 30 percent reduction in their property 
: tax assessments. 

:             "Swift enactment of the SMART legislation will not only lower 
: property taxes, it will help to ensure that everyone pays their fair share," 
: said Manzo.  "It is our hope that the strong support it has received from 
: New Jerseyans will force the Governor and the Legislature to take the SMART 
: Act into serious consideration during our upcoming special session on 
: property tax reform." 

: --30-- 

: James Sverapa IV 
: Press Secretary 
: Assembly Majority Office 
:   
: Ph: 609-292-7065 
: Fax: 609-292-2386 
:  


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