About two million New Jersey homeowners and renters will get property tax rebates in the coming year under a new $2 billion property tax relief program included in the $50.6 billion state budget signed on Thursday by Gov. Phil Murphy.
A smaller version of the program was included in Murphy’s initial budget proposal unveiled in early March. Democratic state leaders announced an expansion of the new initiative in recents weeks after it became clear that New Jersey would rake in a record tax revenue windfall of more than $9 billion by the end of June.
Under the new program, known as ANCHOR, homeowners making up to $150,000 will receive $1,500 rebates on their property tax bills, and those making $150,000 to $250,000 will receive $1,000 rebates. Renters making up to $150,000 will receive $450 checks. These all apply to primary residences only.
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