BY JANE MEGGITT
Staff Writer

An Upper Freehold Township, Monmouth County, resident is optimistic that Gov.-elect Jon Corzine will fulfill his campaign promise for property tax reform.

Cy Thannikary, a Republican, is a member of the Property Tax Policy Group created by Corzine. According to Than-nikary, the bipartisan group has to come up with strategies to implement Corzine’s proposed 40 percent in four years — or “40-in-four” — property tax reform plan.

Made up of a diverse group of people representing all segments of the population, the reform policy group met for the first time on Dec. 13 and is scheduled to meet again in the coming weeks.

“It’s a good mix of people who can speak intelligently on the [40-in-four] issue,” he said.

Corzine’s 40-in-four plan would increase homeowner rebates 40 percent over the next four years. The rebate would increase 10 percent per year, according to Thannikary.

Thannikary called the plan “interim relief” until a long-term solution to the property tax problem is found. He said Corzine’s proposal differs from that of former Gov. James McGreevey, who called for a constitutional convention on property tax reform.

“This [plan] is different. It has an interim solution,” he said, adding that Corzine has a vision of systemic change as far as property taxes are concerned. “[Corzine] realizes the Legislature will not do it. Corzine is willing to give leadership, the key to success in any initiative. I believe he is committed.”

The Property Tax Policy Group was expected to issue an interim report by Jan. 10. The purpose of the report, according to Thannikary, is to decide the policy agenda and the process to implement the 40-in-four plan.

“The whole idea is to give [Corzine] the idea on how to implement [the plan] and a timeline,” Thannikary said.

With regard to whether he thinks the plan will be successful, Thannikary said, “Politics is politics. Anything can happen.”

Thannikary said he is hopeful that Corzine will be able to address the property tax issue, and that his own agenda is simply to bring fairness to the whole system.

“Property taxes will bankrupt everybody,” Thannikary said. “If we work together [and] set aside partisanship, we can bring about change.”

Thannikary has served as chairman of Citizens for Property Tax Reform (CPTR). According to its Internet Web site, CPTR is “an independent citizen group concerned with ever-increasing property taxes in New Jersey and their crippling effects on millions of homeowners.”

In addition, CPTR has called for a property tax reform convention. According to CPTR, a convention would be the manifestation of citizens’ sovereign power as provided for in the state Constitution. It would allow the people to propose a fair and equitable property tax system, according to CPTR.

Thannikary said Corzine supports holding a special legislative session to discuss recommendations for a property tax reform convention.