By: Follow South Jersey Staff
SOUTH JERESY — State officials have announced the expansion of the ANCHOR Tax Relief Program allocating over $2 billion to reduce property taxes for over 1.16 million New Jersey homeowners and 900,000 renters beginning in fiscal year 2023.
Governor Phil Murphy, Senate President Scutari, and Assembly Speaker Craig Coughlin announced the expansion of the ANCHOR Tax Relief Program which stands for Affordable New Jersey Communities for Homeowners and Renters making it one of the largest in state history.
As part of his fiscal year 2023 budget proposal, the expansion of the program will increase the investment from the nearly $900 million proposed in March to over $2 billion.
“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,” Murphy stated. “This is a truly historic tax relief program for our state. 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.”
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; 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.
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