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SOMERVILLE, NJ (PIX11) — In a move that will be a bit of a foreign concept to the good folks of New Jersey, property taxes and rents for about half the state will be lower this year.
The announcement was made by Gov. Phil Murphy, who was pressured to do something about affordability in New Jersey after narrowly winning reelection last November.
“This relief, as you know, can’t come fast enough,” Murphy said.
He said residents earning less than $250,000 will receive a property tax refund of about $700.
“We are turning every stone to try to provide as much relief as possible at this time of crisis,” Murphy said.
It’s part of a new program called “ANCHOR,” which will also give rebates of $250 to about 600,000 renters.
“Combined, when you add up all of these households, whether you own or rent, over 5 million New Jerseyans live in these households and will benefit from ANCHOR,” Murphy said. “That’s more than half the population of our states.”
Murphy plans to work with the state legislature to increase these rebates in future years. But he said something not on the table to improve affordability is a gas tax exemption. He said the state constitution ties gasoline taxes to infrastructure projects and stopping those projects will end up costing more in the long run.