TRENTON, N.J. (1010 WINS) -- New Jersey Gov. Phil Murphy proposed a property tax rebate program for homeowners and renters on Thursday designed to offset increases in property taxes.
If enacted, the Affordable New Jersey Communities for Homeowners and Renters (ANCHOR) program would give homeowners who make up to $250,000 annually an average of about $700 in rebates. Renters earning up to $100,000 annually would be eligible for up to $250.
“This program will provide direct property tax relief to households regardless of whether they own or rent,” said Governor Murphy. “While the state does not set property taxes, we believe that we must take action to offset costs and make life in New Jersey more affordable. Through the ANCHOR Property Tax Relief Program, we can provide real support for families and seniors, helping them stay in the homes and communities they love.”
The Governor is proposing a three-year ramp up for the program. By 2025, he wants the rebate to reach an average of $1,150 per eligible household.
He expects the rebate will cost the state about $1.5 billion annually. The total budget for 2022 was $44.83 billion.
The governor’s office estimates 1.8 million New Jerseyans would be eligible for the rebates.
Murphy plans to reveal his 2023 budget proposal next week. Once it’s made public, the State Senate and Assembly will negotiate with the governor until they agree to ratify it.
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