Governor Phil Murphy, Senate President Nicholas Scutari and Speaker Craig J. Coughlin today announced expansions to the ANCHOR Program, the largest tax relief proposal in New Jersey history. Following the announcement, members of Assembly Democratic Leadership issued statements in support of the expanded program, which will be included in the proposed Fiscal Year 2023 State Budget.
“Over the last budget cycles, we have championed sound fiscal policy and exercised real responsibility to produce meaningful savings for New Jersey taxpayers,” said Assemblywoman Annette Quijano (D-Hudson). “That groundwork has positioned the state to do even more this year and to keep making good on our promise to put money back in people’s pockets. This year our efforts have empowered us to lower property tax bills for our working and middle-class homeowners and renters, relief that is not just necessary but the best thing we can do for New Jersey.”
“The ANCHOR Program will provide historic property tax relief to New Jersey’s families. This program will be the cornerstone of our continued economic recovery, providing critical assistance to our homeowners and our renters. As the cost-of-living rises across the country, families are facing ongoing economic hardships. Through this program, New Jersey is taking tangible action to ensure that our State remains affordable for every resident,” said Assemblyman Gary Schaer (D-Bergen).
“With the expanded ANCHOR program we are delivering on our commitment to prioritize affordability and make New Jersey a better place to raise a family and grow old,” said Assemblyman Benjie Wimberly (D-Bergen, Passaic). “By providing $2 billion in direct tax relief to 1.8 million New Jerseyans, we address voters’ concerns about high property taxes with a program that will have a meaningful impact on working families.”
“The ANCHOR program aims to address the needs of countless New Jerseyans throughout our state,” said Assemblywoman Lisa Swain (D-Bergen, Passaic). “High property taxes are a significant burden for residents. With this program, we can offer direct relief to working and middle class families by putting money back in their pockets.”
“With the ANCHOR program, we ensure critical property tax relief for homeowners and renters in New Jersey,” said Assemblywoman Carol Murphy (D-Burlington). “This program opens the door to financial security for many residents by providing property tax relief for years to come. Money saved by taxpayers under this program will truly help families in our state when it comes to making ends meet.”
“Having high property tax bills is a reputation that precedes us. It’s that reputation that today’s announcement works to repair,” said Assemblywoman Verlina Reynolds-Jackson (D-Mercer, Hunterdon). “With the ANCHOR Program, we can immediately deliver $2 billion in direct tax relief to 1.8 million New Jerseyans. This isn’t a short-term remedy but it’s a plan that’s going to provide tangible property tax relief for people in our state well into the future and over the years to come.”
The announced deal expands on the Governor’s proposed replacement of the long-standing Homestead Rebate program with ANCHOR. The Governor’s plan will now be phased-in immediately and 1.1 million homeowners with household incomes below $150,000 will receive an annual $1,500 property tax credit directly applied to their property taxes while homeowners with a household income between $150,000 and $250,000 will receive a $1,000 direct credit. Over 900,000 renters with household incomes below $150,000 will receive a $450 check from State Treasury.