Governor Phil Murphy, Senate President Nicholas Scutari, and Speaker Craig J. Coughlin today announced expansions to the ANCHOR Program, the largest property tax relief proposal in New Jersey history.
Assembly Majority Leader Louis Greenwald (D-Camden, Burlington) issued the following statement on the program:
“The Anchor Program and the expansion announced today is one way we are working to make New Jersey more affordable.
“New Jersey’s high property taxes have contributed to our state’s affordability crisis and it is no doubt a deciding factor why families choose to leave New Jersey.
“The expansion of the Anchor Program will provide necessary and meaningful relief to New Jerseyans at a time when they need it most and lower property taxes up to $1,500. Working and Middle-class families deserve our support as we continue to work through tough times, post-pandemic. This will put money back where it counts, in their pockets.”
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.