? Governor Jon Corzine (D-NJ) put his signature on a long-awaited property tax relief bill in Trenton Tuesday.

The plan will translate into a 20 percent tax cut for most households in New Jersey. The cuts will average more than $1,000. Renters will also see some form of relief. In addition, the legislation looks to put a 4 percent cap on annual property tax hikes.

?We?ve provided immediate relief for a problem that existed for decades,? Corzine said.

The relief will either be delivered as a tax bill credit or a rebate check. Residents could see the money by sometime this summer.

Related informationClick here to see extended comments from Corzine, others during signing

The extended comments on the property tax relief law are also available by going to channel 612 of your iO digital cable box and selecting iO extra.