With the FY2023 budget deadline of June 30 fast approaching, Governor Murphy and the State Legislature continue to consider how to use the $6.9 in surplus revenue. Governor Murphy and majority leadership continue to follow their affordability agenda for New Jersey including exploring new state programs to help residents with broad property tax relief and increasing funding for schools and the state’s healthcare system.
The budget includes Governor Murphy’s $2 billion property tax relief ANCHOR Program. The ANCHOR Program would provide 870,000 homeowners with a household income of under $150,000 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.
Minority leadership proposed a detailed budget plan to use $4.5 billion for a pair of tax rebates, $2 billion for halting planned tax and toll hikes, $1 billion for property tax relief by increasing state aid to schools, and $790 million for structural tax reductions. The proposal would grow the budget surplus to more than $5 billion in preparation for the next recession and increase oversight of certain monies that would be spent.
We anticipate the FY2023 budget will be passed by the deadline of June 30. We will continue to provide updates as the process moves forward.
Contact: Andrew LaFevre, Legislative Analyst, alafevre@njlm.org, 609-695-3481, x116.