In March, I announced ANCHOR, which stands for Affordable New Jersey Communities for Homeowners and Renters. The ANCHOR Property Tax Relief Program replaces the Homestead Rebate Program, and will make over four times more New Jerseyans eligible to receive a property tax rebate when compared with current policy. The expansion of the program will increase this investment from the nearly $900 million proposed in March to over $2 billion, making it one of the largest tax relief programs in state history — providing an effective tax cut for over 1.16 million homeowners and 900,000 renters.
Under the expanded ANCHOR Property Tax Relief Program proposal, there will be a full phase-in of rebates and the benefits will be simplified: -
More than 870,000 homeowners with a household income of under $150,000 would receive a $1,500 property tax credit on their property tax bill each year;
- More than 290,000 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;
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And more than 900,000 renters with incomes up to $150,000 would receive $450 each year to help offset the rent increases caused by increasing property taxes.
I want to thank everyone who has helped make this historic tax relief program possible, especially: Speaker Couglin and Senate President Scutari. This $2 billion in direct property tax relief will provide over two million household rebates, creating immediate and tangible relief for families.
Click here to watch Speaker Coughlin, Senate President Scutari, and I announce this historic property tax relief program.
Governor Phil Murphy |
