Home News Gov. Murphy: I pledged to do something about New Jersey’s notorious taxes and I have | Opinion

Gov. Murphy: I pledged to do something about New Jersey’s notorious taxes and I have | Opinion

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Phil Murphy

New Jersey property tax problems are nothing new.

Since the first property tax was collected in 1670, the question of how to fairly pay property taxes and the services that local governments and our communities need has plagued taxpayers and governments alike. I was. It was established by state law in 1851 that underpins the current property tax system – for all property in a particular area, both residential and commercial.

Over the years, officials have pledged to do something about New Jersey’s infamous property tax, and there have been no shortage of complaints from residents.

Property taxes affect affordability in New Jersey, perhaps more than any other cost of living. You hear these complaints wherever you go in our state. No community is immune.

As state officials, we do not set property taxes. Property taxes are set by county governments, local governments, and local boards of education. Some communities may elect independent fire boards or maintain individual city libraries and impose their own property taxes.

Especially now, as our economy’s post-pandemic recovery faces increasing costs, easing the property tax pinch and making life more affordable for residents has a new urgency. This is why historic property tax relief has been at the center of the state budget.

For starters, I launched the new $2 billion ANCHOR direct property tax relief program. anchor It stands for “Affordable New Jersey Communities for Homeowners and Renters,” but its true meaning comes from its direct relief of helping families and seniors settle into the communities they love.

More than 2 million households, including most New Jersey residents, will be back in their pockets with property tax relief.

Homeowners with incomes up to $150,000 receive $1,500 in direct relief, and homeowners with incomes above $250,000 receive $1,000. Immediately, this will result in significant property tax relief for approximately 1.2 million New Jersey homes.

The average New Jersey homeowner currently pays about $9,300 in property taxes. Taking into account ANCHOR’s direct relief, the effective property tax would drop to $7,800. 2011 was the lowest average property tax in New Jersey.

Put another way, ANCHOR effectively cuts property taxes for the average homeowner by 16%, and in some cases even more, reducing years of property tax increases. undo.

In addition, approximately 900,000 tenant families with incomes up to $150,000 will receive direct relief of $450 each.

If you are eligible for property tax relief directly through ANCHOR, you must apply by December 30th. nj.gov/treasury or anchor hotlineAdditionally, ANCHOR benefits further reduce your property tax burden, from veteran deductions to senior freezes, in addition to other property tax relief.

ANCHOR is also helping eliminate billions of dollars in indirect property tax relief in my new budget.

For example, this budget provides about $10 billion in direct state aid for K-12 public school classrooms, about $1 billion in preschool aid, and about $2 billion to help build and renovate schools. Offer dollars. And every dollar of state grants to our school communities is a dollar we can keep in the pocket of property taxpayers.

The budget also includes billions of dollars invested directly in communities and local governments for initiatives ranging from maintaining strong community services to resurfacing roads and upgrading critical infrastructure. . It fulfills our annual obligations to the state’s long-running public employee pension plan, further isolating property taxpayers.

And secure over $5 billion to pay off more or avoid state debt. Again, this eases the burden on property taxpayers today and, importantly, tomorrow.

We can’t undo 350 years’ worth of problems at once, but we are doing more to address New Jersey’s property tax problems than any other administration. In my first term, I slowed property tax growth more than any administration in the last four years. ANCHOR takes this advancement to the next level by effectively reducing property taxes.

We are providing these historic levels of direct relief while restoring the long-term financial health of New Jersey.

Phil Murphy is the Governor of New Jersey.

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