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.
Assemblywoman Eliana Pintor Marin (D-Essex) issued the following statement on the program:
“We’ve worked diligently the last few months taking testimony as part of the Assembly’s regular budget process so that we can produce a fair and responsible budget for the people of New Jersey.
“We heard repeatedly that making New Jersey more affordable needs to take center stage. With the ANCHOR program, real property tax relief becomes an immediate reality for our working and middle-class families now and into their futures.”
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.