New Jersey property owners could see a $500 property tax rebate under an agreement that state officials announced on Monday.

“This is cash on the barrel, and the millionaires tax – the so-called millionaires tax - that's going to be directly into checks that families up and down this state in the middle class, and those aspiring to get into the middle class, are going to receive,” Gov. Phil Murphy said.

The rebates will be hitting the mail as soon as July 1, sending $500 to over 750,000 New Jersey families.

“I’m proud to say that three of the five lowest property tax increase ever on record are the first three years of our administration,” the governor said.

Murphy said that record-breaking education funding in his budget will also help drive down property taxes, along with updating the formula for the Homestead Rebate program, which is used to help seniors and people with lower incomes lower their property taxes.

“That may sound technical, folks. But trust me, it’s a good thing in terms of property tax relief,” Murphy said.

But Republican lawmakers say that they have been cut out of the process. They say that there should be more property tax relief since the state has billions of extra funds this year from tax collecting and borrowing.

“While we're very grateful, it's quite frankly minuscule, according to the governor's $10 billion surplus, so we think there should be a lot more for the hard-working citizens of New Jersey,” says Republican state Assemblyman Hal Wirths.

The budget does not put more money into the unemployment fund, though it funds a $10 million improvement in the state's unemployment system.

New Jersey will make a bigger pension payment to help pay for the retirements of police, firefighters and teachers and put $4 billion in a lockbox to pay off other debt.

“If there's an opportunity to put more money against any of the structural deficits as a state that we have, color me between open minded and enthusiastic,” Murphy said.

The budget also decides where some of the $6.4 billion in stimulus money will go. Spending includes rent and utility bill assistance, HVAC systems in schools and special education funding.