New Jersey Governor Phil Murphy Unveils ANCHOR Property Tax Relief Program
ANCHOR stands for “Affordable New Jersey Communities for Homeowners and Renters,” and the program is part of the governor’s budget proposal for fiscal year 2023, which will be unveiled next week.
Under the Murphy administration, New Jersey had the lowest cumulative average property tax increase ever for a governor at this point in his term.
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Under the ANCHOR property tax relief program, homeowners earning up to $250,000 per year are eligible to receive an average refund of $700 in fiscal year 2023 to offset the costs of property tax, bringing the average effective cost of property tax back to 2016 levels for many households that were previously not eligible for property tax relief.
In addition, tenants earning up to $100,000 per year are eligible for a rebate of up to $250 to help defray the cost of rent increases due to property taxes.
“This program will provide direct property tax relief to households, whether they own or rent,” Murphy said. “Although the state does not set property taxes, we believe we need to take steps to offset the costs and make living in New Jersey more affordable. Through the ANCHOR property tax relief program, we can provide real support to families and seniors, helping them stay in the homes and communities they love.”
The governor proposes a three-year ramp-up for ANCHOR.
By FY 2025, property tax rebates under the program would average $1,150 per eligible household, with the state’s annual investment in the program up to $1.5 billion per year. year.
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The ANCHOR program expands and replaces the Homestead Rebate program, which serves 470,000 homeowners each year and provides an average benefit of $626.
Renters are not eligible for the current Homestead program, but ANCHOR recognizes that rents are often increased to offset rising property taxes.
Murphy said ANCHOR will make nearly four times as many New Jersey residents eligible to receive a property tax rebate, compared to Homestead.
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