The $53.1 million budget that Gov. Phil Murphy proposed Tuesday afternoon contained three significant cash-in-pocket proposals:
ANCHOR: The governor said he wants to commit to a second year of his ANCHOR property tax rebate program that will deliver checks of up to $1,500 to homeowners and renters.
“A middle-class family making our state’s average household income of just under $125,000 and paying our statewide average of more than $9,400 in property taxes is going to receive $1,500 in direct relief — effectively pushing their property taxes down to a level not seen in a decade,” Murphy said in the speech.
“That’s right — for many homeowners, their property tax burden is going to be lower than it was in 2013. That is action — not talk.”
Read more from ROI-NJ:
- Business basics: A look at references Murphy made about business community in budget address
- Pension payments: Why Murphy says making full payment is good for N.J. — and business
Child Tax Credit: The governor proposed doubling the Child Tax Credit, delivering up to $1,000 per child.
“We all know New Jersey is the very best place in America to raise a family — and, to make this fact ring true for more families, I propose doubling the state Child Tax Credit up to $1,000 per child,” he said. “This will give working and middle-class parents an even bigger tax break. And, for parents also juggling the cost of child care, it will partner with our Child and Dependent Care Tax Credit to do even more to lower their costs.”
Seniors: The governor proposed additional relief for seniors by expanding eligibility for the Senior Freeze property tax relief program to those with incomes up to $150,000. The governor also proposed increasing eligibility for prescription drug relief.
“As we stand with you as you raise your children, we are standing with you as you retire and spend time with your grandkids,” he said. “Let’s ensure more senior homeowners living on fixed incomes can stay in the homes they love — which are full of memories — and remain close to their families.”