Nearly 1.8 million New Jersey homeowners and renters could get some money back from the state under Gov. Phil Murphy’s new property tax relief program proposed in his 2023 budget.
Murphy highlighted the ANCHOR (Affordable New Jersey Communities for Homeowners and Renters) Property Tax Relief Program, which proposes to pay out $900 million in property tax relief to qualified homeowners and renters, during a visit to Somerville on Thursday.
“I am proud of the forward progress this administration is making on the affordability challenge we inherited several years ago,” said Murphy. “Through the ANCHOR Property Tax Relief Program, more New Jersey taxpayers will receive the support they need to offset the costs of property taxes, making our state stronger, fairer, and more affordable for all.”
This new program would replace the Homestead Rebate Program, which only affected 470,000 homeowners annually and provided an average benefit of $626. Renters were also not eligible for the current Homestead program.
Under the new program, homeowners making up to $250,000 per year will be eligible to receive an average $700 rebate in 2023 to offset property tax costs. Also, renters making up to $100,000 per year will eligible for a rebate of up to $250 to help with rent increases due to property taxes.