Two million New Jersey property taxpayers and renters will get a tax break worth up to $1,500 under a deal Gov. Phil Murphy and fellow Democrats in the Legislature unveiled Wednesday.
The $2 billion program comes thanks to flush state coffers and amounts to lowering the roughly $9,300 average property tax bill for many to $7,800, a level not seen in more than a decade, Murphy said.
“We all know that property taxes put pressure on our middle class and working families on a good day, but the pressure they are facing now during a time of hyper global inflation is even greater,” Murphy said.Under the deal announced Wednesday, 870,000 families that make up to $150,000 would get “direct relief” of $1,500; those earning from $150,000 to $250,000 will get $1,000 in relief, and for the first time ever, according to Murphy, renters will also get assistance.
Murphy estimated the agreement would affect 2 million households — more than 5 million of the state’s over 9 million residents.
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