New Jersey will provide millions of households with property tax relief by expanding the state’s ANCHOR Property Tax Program, Gov. Phil Murphy, Senate President Nicholas Scutari and Assembly Speaker Craig Coughlin said Wednesday.
Households, including renters, will benefit from $2 billion in direct property tax relief rendered from the expansion. About 870,000 homeowners with incomes up to $150,000 will receive $1,500 in relief. Additionally, over 290,000 households with incomes between $150,000 and $250,000 will be given $1,000 in relief, and 900,000-plus renters with incomes up to $150,000 would receive $450 each year to help offset the rent increases caused by increasing property taxes, Murphy said.
“I am proud to stand alongside Speaker Coughlin to announce the delivery of $2 billion in direct property tax relief, which will provide over 2 million rebates to New Jersey households. This is a truly historic tax relief program for our state,” Murphy said. “Today, we take a step forward on this administration’s promise to make New Jersey a stronger, fairer, more affordable state for our middle-class and working families.”
ANCHOR, which stands for Affordable New Jersey Communities for Homeowners and Renters, was announced by Murphy in March as part of his Fiscal Year 2023 budget proposal.
“New Jerseyans need tax relief now,” Coughlin (D-Woodbridge) said. “It is my priority to enact the largest tax relief program in our state’s history, and I am pleased that our $2 billion ANCHOR program puts us on course to deliver the boldest and most robust affordability agenda for our working and middle-class families for years to come.”
NJBIA, however, expressed that NJ businesses still needed assistance and urged lawmakers to expedite merged bills A-3683/A-2152/S-2378/S-733 (Freiman/Greenwald/Gopal/ Madden) to the Governor’s desk that will provide tax relief for small businesses paying increased UI payroll taxes.
NJBIA President and CEO Michele Siekerka issued the following statement:
“While we appreciate the expansion of the ANCHOR Property Tax Relief Program and its aim to bring more affordability to many New Jersey residents and renters, it continues to provide no relief to business owners – who pay nearly half of the state’s property taxes. With this continued omission of relief for businesses which continue to struggle post-pandemic with skyrocketing inflation, fuel costs and labor challenges, it is even more imperative that our policymakers bring more immediate affordability to our job creators as this budget cycle comes to a close.
