New Jersey residents could be waving goodbye to their much beloved property tax rebates.

Gov. Jon Corzine?s revised 2010 budget proposal, released Tuesday, eliminates rebates for all homeowners except seniors and the disabled. Corzine says the move must be done to weather the current fiscal climate.

The unpopular proposal is expected to save nearly $1 billion.

Las year more than one million rebate checks were sent out to homeowners making less than $150,000 annually. The checks averaged more than $1,000 each.