Will Newark Budget Include Property Tax Cut?

Newark mayor and Senate hopeful Cory Booker says homeowners will see a reduction in property taxes on their next bill.

The Star-Ledger of Newark reports that the Booker administration's proposed $588 million budget includes a 13 percent reduction on homeowner property taxes.

The spending plan was introduced Thursday. Homeowners would see the reduction on their third quarter tax bills.

It comes on the heels of a reevaluation that saw the tax burden shift from residents to commercial property owners.

In addition, the city will not require emergency help from the state after two years of relying on transitional state aid.

It's the first cut in property taxes during Booker's tenure as mayor. It comes a month before his primary battle to fill the seat vacated by Sen. Frank Lautenberg.

(Copyright 2013 by The Associated Press. All Rights Reserved.)