Senator Andrew Zwicker, and Assembly members Roy Freiman and Sadaf Jaffer joined Governor Phil Murphy, Senate President Nicholas Scutari, and Speaker Craig Coughlin in South Brunswick Thursday to announce the ANCHOR program, the largest property tax relief proposal in New Jersey history.
“I want to thank Governor Murphy and Speaker Coughlin for coming together to recognize that many New Jersey residents are still struggling to make ends meet in the aftermath of the worst days of the COVID 19 pandemic,” said Senator Andrew Zwicker (D-Somerset, Mercer, Middlesex, Hunterdon). “The ANCHOR program promises timely relief to millions of homeowners and renters, putting money back into their pockets, and helping to keep our state affordable, and our economy strong and competitive in both the near- and long-term.”
“Helping people keep up with their bills and giving them more breathing room has never been more important than it is right now,” said Assemblyman Freiman (D-Somerset, Mercer, Middlesex, Hunterdon). “Two billion dollars in direct property tax relief to New Jersey residents is monumental. Taxpayers will see the impact of this kind of investment on their property tax bill and in their wallets.”
“We are proud to stand with the Governor and Speaker Coughlin today for the announcement of the ANCHOR Program,” said Assemblywoman Sadaf Jaffer (D-Somerset, Mercer, Middlesex, Hunterdon). “We are all committed to making New Jersey a more affordable state for middle-class families to live in and we are committed to creating opportunities for them to be able to build a better life right where they are. Direct and tangible property tax relief is doing exactly that.”
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.