Gov. Phil Murphy signed a record $50.6 billion budget that pours $2 billion into property tax relief for homeowners and renters and lifts spending 9% over last year.

The budget includes measures to help lower property taxes. But New Jersey residents will have to wait until at least May 2023 to get them.

“Listen, we're doing three things that no one thought could be done at the same time: Historic affordability relief, historic investment in our future and all the while being fiscally responsible,” Murphy said.

This is the first budget of Murphy’s second term. It also has record-high school funding – including for school construction, a record surplus and record-high tax relief.

“I don't want to get ahead of myself, I know it's my first budget. But this is potentially the single-greatest budget in New Jersey history. Absolutely,” said state Senate President Nick Scutari.

“It is also focused on insuring that the New Jersey that we leave for our kids and grandkids is in better financial shape than it is now. And this is how we make New Jersey affordable in the long term,” Murphy said.

The budget is fueled by an unexpectedly strong economic recovery from the pandemic that brought in record tax collections, plus billions in federal dollars.

But Republicans said Wednesday that it was built on a shaky foundation.

“You know what I'm gonna tell my taxpayers? And my residents? That they were robbed. And this money shouldn't have to go back. This money should have been in their pockets since Day 1,” says Republican state Assemblyman Hal Wirths.

The cornerstone of the budget is the ANCHOR property tax plan that will send property tax credits to homeowners and checks to renters. The governor says the ANCHOR plan will mean a cut of 16% for the average property taxpayer.