New Jersey lawmakers pass $50.6B state budget with property tax help, surplus

New Jersey lawmakers have passed a record $50.6 billion budget, sending the plan to Gov. Phil Murphy’s desk.

News 12 Staff

Jun 29, 2022, 8:55 PM

Updated 717 days ago

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New Jersey lawmakers have passed a record $50.6 billion budget, sending the plan to Gov. Phil Murphy’s desk.
The budget is 9% bigger than last year’s and comes courtesy of flush state coffers and rosier-than-expected tax returns. It also comes as Democrats who control the Legislature and governorship aim at making the state more affordable.
Democrats say the budget includes $2 billion in direct property tax relief, but Republicans say the Murphy and Democrats are misusing a surplus of tax collections and federal aid.
“I can't imagine voting against this budget and going back to my district and telling people I voted against $2 billion in property tax cuts,” state Senate President Nick Scutari said.
“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,” said Republican state Assemblyman Hal Wirths.
The budget includes the ANCHOR property tax relief plan which would send out either $1,000 or $1,500 property tax credits to New Jersey homeowners based on their income. Renters will also get $450 for the first time. Those credits would not show up until May 2023.
The governor has previously indicated that he would sign off on this budget.
The Associated Press wire services contributed to this report.


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