Article: New Jersey Governor's Plan Won't Impact Property Tax Much, Business Groups Say.

By Bob Cullinane, Asbury Park Press, N.J. Knight Ridder/Tribune Business News

Apr. 30--The so-called "millionaire's tax" on New Jersey's wealthiest residents proposed by Gov. McGreevey yesterday will have little impact on New Jersey's onerous property-tax rate structure, representatives of several business organizations said yesterday.

"It's a missed opportunity," said Patrick J. O'Keefe, chief executive officer of the New Jersey Builders Association, of the governor's plan to distribute the $800 million projected to be raised by the tax hike as rebates to lower-income residents.

"If (McGreevey) wanted to directly impact property taxes, ...

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