Last week, New Jersey Governor Phil Murphy announced plans to provide more than $2 billion in rebates to approximately 2 million New Jersey households, offering up to $1,500 to families who pay property tax. For the first time ever, renters would also receive relief.
As per the plan, an expected 870,000 New Jersey households that make up to $150,000 would get $1,500 in direct relief. Those with an income between $150,000 and $250,000 will receive a $1,000 property tax benefit under the plan. Renters who make up to $150,000 would also receive $450 in rent assistance to help offset the rent increases.
Announcing the plan, Governor Phil Murphy said:
I am proud to stand alongside Speaker Coughlin to announce the delivery of $2 billion in direct property tax relief, which will provide over 2 million rebates to New Jersey households. This is a truly historic tax relief program for our state. Today we take a step forward on this administration’s promise to make New Jersey a stronger, fairer, more affordable state for our middle-class and working families.
Earlier, state lawmakers passed a record $50.6 billion budget, sending the plan to Gov. Phil Murphy’s desk. This year's budget is 9% bigger than last year’s due to flush state coffers and rosier-than-expected tax returns.
Also, you might want to follow me - don't forget to fully "Follow" me and make sure to download the Newsbreak app to become a Registered Follower. This way you can also see all my articles in the past. Click on the Follow link underneath my profile name.