June 16, 2022
On June 15, 2022, Governor Phil Murphy, Senate President Nicholas Scutari, and Assembly Speaker Craig Coughlin announced the expansion of the Affordable New Jersey Communities for Homeowners and Renters (ANCHOR) program. This expansion includes increased investment from nearly $900 million that was presented by Governor Murphy in his March budget proposal to more than $2 billion.
As stated in a news release, this funding increase represents one of the largest relief programs in state history. The expansion of the ANCHOR program will reduce property taxes for more than 1.16 million homeowners and 900,000 renters in New Jersey, beginning in FY2023.
Governor Phil Murphy was quoted in the news release saying, "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 . . . 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 this proposal, there would be a full phase-in of rebates and benefits would be simplified to the following:
- 870,000-plus homeowners with household incomes of less than $150,000 would each receive a $1,500 property tax credit on their property tax bills each year
- 290,000-plus homeowners with household incomes between $150,000 and $250,000 would each receive a $1,000 property tax credit on their property tax bills each year
- 900,000-plus renters with incomes up to $150,000 would each receive $450 each year to help offset the rent increases caused by increasing property taxes
Assembly Speaker Craig Coughlin was also quoted saying, "New Jerseyans need tax relief now . . . 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. With $1,500 and $1,000 in direct property tax rebates for homeowners and $450 for renters, more than two million New Jerseyans will see money back in their pockets - relief they will be able to count on into the future and relief that builds on the existing 14 tax cuts enacted since 2018, which together affirm our commitment to position all of New Jersey as a more affordable place to live. My thanks to Governor Murphy and Senate President Scutari for working with me to achieve this expanded plan."
Click here to read the full news release and for more information.