The New Jersey Senate called it a night Monday after spending the entire day debating a property tax relief plan that the Assembly approved last week.

Senators will meet again Tuesday at 11:30 a.m. to continue debate. The plan, if approved, would give an average 20-percent credit to most New Jersey homeowners. Supporters of the plan admit that it is not perfect, but it is a good first step in the right direction. The credit plan also calls for a 4-percent cap on tax increases.

The next big hurdle in the entire relief plan will be a new school funding formula. However, Governor Jon Corzine (D-NJ) says though that part is coming along, it may not be ready in time to apply toward the school year in the fall.

If the Senate approves the property tax relief plan, it will head to Corzine?s desk for approval.

Related Information:Assembly OKs measure that would give many NJ homeowners property tax cut