Home News Here’s how much you would get in N.J. property tax rebates through Murphy’s revised $2 billion plan

Here’s how much you would get in N.J. property tax rebates through Murphy’s revised $2 billion plan

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Governor Phil Murphy His fellow Democrats, who lead the New Jersey Parliament, Announced expansion An overview of the property tax relief program included in the Governor’s draft state budget for the new fiscal year beginning July 1.

The extended program extends tax refunds to approximately 2 million New Jersey homeowners and renters, more than doubling state costs from the initial $ 900 million in the first year to approximately $ 2 billion. increase.

New Jersey homeowners pay the highest property tax nationwide, with state-wide average billing reaching $ 9,284 in 2021, an increase of $ 172 over the previous year. Tenants who are currently facing historic rent increases pay property taxes when the landlord passes on some of those costs.

Residents of Garden State have seen such initiatives so far just to see their rebates disappear when the state’s finances become unstable. Murphy’s new program basically simplifies and extends Homestead Rebate and gives it a new name.

In a statement released Wednesday, the Murphy administration said the newly expanded program “could offset more than 16 percent of New Jersey’s average property tax bill for some homeowners.” rice field.

“For middle-class families receiving $ 1,500 in direct bailouts, the average bill is effectively $ 7,800, a fixed asset tax level that New Jersey hasn’t seen since 2012.” Said the government.

Parliamentary Democratic leaders have expressed support for this initiative, but lawmakers and Murphy are still trying to reach an agreement on a state budget before the June 30 deadline.

Given that the Democratic Party controls both Houses of the Legislature, property tax relief programs may be included in the new budget. But residents of New Jersey will not see their rebate until May 2023, the government said.

State Treasury officials said homeowners would need to apply for a program similar to Homestead Benefits, which would take place in the fall.

“The majority of homeowners will receive payment as credit for property tax invoices as long as they own their home after October 1, 2019,” said Jennifer Shortino, a spokeswoman for the Ministry of Finance. Mr. says. “Homeowners who sell their property after October 1, 2019 can choose to receive a check or a direct deposit.”

The lessee must also receive either a check or a direct deposit and apply for the program in the same way as a homeowner.

The breakdown of the rebates received is as follows.

Total income: $ 0 to $ 150,000

  • Rebate: $ 1,500
  • Number of households: 870,000 households
  • State Cost: $ 1.31 billion

Total income: $ 150,000 to $ 250,000

  • Rebate: $ 1,000
  • Number of households: 290,000
  • State Costs: $ 290 Million

Total income: $ 0 to $ 150,000

  • Rebate: $ 450 Check
  • Number of households: 900,000 households
  • State Cost: $ 405 Million

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Derek Hall May reach [email protected].. Follow him on Twitter @dereknhall..

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