Gov. Phil Murphy announces expansion of ANCHOR property tax relief in New Jersey
FAIR LAWN, N.J. -- There is good news for property owners in the Garden State.
Around 2 million families in New Jersey could see more property tax relief, at least temporarily, CBS2's Nick Caloway reported Wednesday.
"So today we are providing truly historic tax relief," Gov. Phil Murphy said.
Murphy and top Democrats announced an expansion of the property tax rebate program, known as "ANCHOR," which was unveiled in March.
If approved, homeowners with a household income less than $150,000 would receive a $1,500 credit on their property tax bill each year. Those with income between $150,000 and $250,000 would get a $1,000 credit, and renters with incomes up to $150,000 would get $450 per year to help offset rent increases.
Murphy said the relief comes because state revenues are strong.
"We all know that property taxes put pressure on our middle class and working families on a good day. But the pressure they are facing now during a time of hyper-global inflation is even greater," Murphy said.
High property taxes are top of mind for many New Jersey families. Caloway asked folks in the Bergen County town of Fair Lawn what they think about the rebate.
"It's good news for people who are paying $5 a gallon for gas now and are trying to squeeze things. Any relief is good," Wyckoff resident Bob Dickinson said.
"It's not enough. I don't think it's enough," added Mike Levenzon of Fair Lawn. "If you pay more than $10,000, what is $1,500?"
State Republican leaders say the rebates don't fix New Jersey's over-taxation.
"It's better than nothing, but it's really closer to nothing than the tax cuts for all New Jerseyans could be. We're just overtaxed to a great extent," Assembly Republican Leader John DiMaio said.
The tax relief program will cost the state about $2 billion in the next fiscal year.
The average New Jersey property tax bill was about $9,300 last year.