Bloomberg Tax
Free Newsletter Sign Up
Login
BROWSE
Bloomberg Tax
Welcome
Login
Advanced Search Go
Free Newsletter Sign Up

N.J. Governor Proposes Tax Rebates for Income Up to $250,000

March 3, 2022, 4:44 PM

Governor Phil Murphy is including property tax-relief checks in the annual spending plan he will introduce next week, with an average $700 planned for New Jersey homeowners making as much as $250,000 a year. Renters would get about $250.

Murphy’s proposal, called Anchor, would apply to 1.8 million residents to help offset the nation’s highest property taxes, averaging $9,284 last year. It would replace the Homestead Rebate program, which has shrunk over several years due to budget constraints, and quadruple the pool of those eligible.

“Inconsistent funding and constantly changing rules have led many to never really fully know whether ...