New Jersey’s Governor Proposes Tax Rebates for Income Up to $250,000

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.