Christie inherits a state that’s in arguably the worst financial condition in its 233- year history. Last year’s $7 billion shortfall, closed with stimulus dollars and tax hikes, has resurfaced at an even larger $8 billion for 2010. Residents face crippling property taxes (an average of $7,000 per capita), high income and sales taxes, $45 billion in debt and the net loss of 400,000 people since 2000.

—Eileen Norcross: NY Post. She contends that the Property Tax Relief Fund (PTRF) and unfunded municipal mandates are to blame.

So far, 15,918 New Jerseyans have reached the county boards or the state tax court — nearing the record of 16,300 set in 1992, said Lynne Allsop, court executive with the state’s Tax Court Management Office in Trenton.

—NJ Star Ledger

During a revaluation, emotions run high. It’s simply a redistribution. There are always people who go down. There are always people who go up.

—Rick Del Guercio Jr. of Appraisal Systems Inc

The longer you go, the worse it gets. This is really good. They’re on top of things. Everyone’s paying attention. … This whole last 10 years have been a learning curve for everybody.

—Joan Durkin, Essex County’s tax administrator, on the pledge by Maplewood to conduct another assessment in 2011, after 10 years. Victor DeLuca, Mayor of Maplewood, remarked, “Isn’t that ironic? Back in the hot seat again. We did say we’d do it every ten years.”