$1500 Property Tax STIMULUS Coming Soon
(RightWing.org) – New Jersey is launching a new stimulus program to help struggling families. The program will help over two million people with the cost of housing. It’s not just aimed at the current cost of living crisis either — the state wants to make it permanent.
About 2 million #NewJersey homeowners & renters would get larger property tax rebates in the coming fiscal year than originally planned under a new tax relief program announced by Gov. Murphy & legislative leaders.https://t.co/hnbXOoIOPF
— Duane Morris Government Strategies (@DMGSLLC) June 17, 2022
On June 15, New Jersey Governor Phil Murphy (D) said the state will be expanding its ANCHOR Tax Relief Program. The initiative, originally proposed in March, was budgeted at $900 million. Now it’s going to expand to around $2 billion, and will give tax relief to 1.16 million homeowners and 900,000 renters.
Under the expanded program, 870,000 New Jersey households with income under $150,000 will see a $1,500 credit added to their 2023 property tax bills. Another 290,000 households earning between $150,000 and $250,000 will get a $1,000 credit, while 900,000 renters earning under $150,000 will get $450. Eligible households won’t need to take any action to get the credits, which will be issued based on tax filings.
New Jersey is able to expand ANCHOR because the state has an unexpected revenue surplus this year, but Murphy wants to make it a long-term program. He said his aim is for it to keep helping middle- and working-class families “next year and years beyond.” Is this a good use for taxpayers’ money, and is it something other states should consider doing?
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