In his State of the State speech, Governor Jon Corzine (D-NJ) delivered some news that many New Jersey homeowners might not like.

The governor said he will not approve a plan to reduce property taxes unless he is sure it can be financed for years down the road. He said now is the time for some tough choices and, tough actions are needed to fight property taxes, budget problems and ethical issues in the state.Corzine cited former President Gerald Ford in how New Jersey can move forward with reforms for the highest property taxes in the nation. He said the late president's "selfless, common-good philosophy will be essential" for the state to deal with its problems.New Jersey legislators have spent almost six months trying to cut taxes but have not been able to push them through the Legislature.

Related information:Complete video of Governor Corzine's State of the State address Complete text of the governor's speech