NJ Property Tax Relief 2022 : $2 Billion Property Tax Relief Program
NJ Property Tax Relief 2022 : $2 Billion Property Tax Relief Program
The ANCHOR Tax Relief Program has been expanded by Governor Murphy, Senate President Scutari, and Assembly Speaker Coughlin, making the relief programme one of the largest in state history. Governor Murphy announced ANCHOR as part of his Fiscal Year 2023 (FY2023) Budget Proposal in March, which stands for Affordable New Jersey Communities for Homeowners and Renters. In FY2023, when the programme is fully funded, it will benefit over 1.16 million homeowners and 900,000 renters by cutting their property taxes from nearly $900 million to over $2 billion.
Over 2 million New Jersey households will receive a total of $2 billion in direct property tax relief as a result of this agreement,” said New Jersey Governor Chris Christie in a statement. This is a monumental tax relief programme for our state,” said Governor Murphy. New Jersey is “a stronger, fairer, and more affordable state for our middle-class and working families,” says Gov. Chris Christie.
According to Senate President Scutari, “it is extremely important to ensure that these programmes are sustainable and that any additional tax cuts and investments continue beyond this fiscal year,” he said. We’re announcing a $2 billion programme today, but we’ll be announcing more targeted programmes to help middle-class taxpayers in the future.
“New Jersey residents urgently need tax relief,” “Assembly Speaker Craig Coughlin made the comments. “It is a top priority of mine to implement the largest tax relief programme in the history of our state, and I am pleased that our $2 billion ANCHOR programme puts us on track to deliver the boldest and most robust affordability agenda for our working and middle-class families for years to come. It is estimated that more than two million New Jerseyans will receive direct property tax rebates of up to $1,000 for homeowners and $450 for renters. These rebates are in addition to the 14 tax cuts enacted since 2018 that demonstrate our commitment to making New Jersey more affordable for everyone. This expanded plan would not have been possible without the help of Governor Murphy and Senate President Scutari.
Under the expanded ANCHOR Property Tax Relief Program proposal, there will be a full phase-in of rebates and the benefits will be simplified:
- 870,000-plus homeowners with a household income of under $150,000 would receive a $1,500 property tax credit on their property tax bill each year
- 290,000-plus homeowners with a household income between $150,000 and $250,000 would receive a $1,000 property tax credit on their property tax bill each year
- 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
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The Homestead Rebate Program, which provides $628 in annual benefits to 470,000 homeowners, is being phased out in favour of the ANCHOR programme. However, ANCHOR acknowledges that rents are frequently raised to offset the rising costs of property taxes. In comparison to Homestead, ANCHOR will allow more New Jersey residents to receive a property tax rebate.
