Property Taxes

The size of the promised property tax credits more than doubled, from $700 to $1,500, for homeowners with incomes under $150,000.

Two-thirds of New Jerseyans said they would be willing to make an offer within three days of viewing a home, with 23% saying they would not have a problem making an offer immediately.

Nealy 80% of poll respondents said lowering property taxes should be a top priority in New Jersey. This view received majority support among all income brackets and across the political aisle.

Though lawmakers have expressed interest in restoring aid to municipalities that is diverted to the state, that's not in Gov. Phil Murphy's budget plan.

Gov. Phil Murphy proposes property tax rebates starting at $700 and growing to $1,150, including homes with incomes of up to $250,000. Renters get help, too.

The funding formula was approved in 2008 and upheld by the courts, though it was only followed for a year. A task force could examine it for updates.

Gov. Phil Murphy said at his inaugural Tuesday that his second-term goals include making New Jersey “the Opportunity State” and lowering property taxes by increasing state aid to schools.

Property taxes in New Jersey climbed by nearly 2% again last year, restrained by the cap but still amounting to a $583 million tax hike.

“We will not. I pledge to not raise taxes,” Murphy said. “At any time in the next four years. But I’m not making news tonight. I’ve been saying this for the past year. The answer is I pledge to not raise taxes.”

NJ budgets $10M/year for a variety of grants to local governments to encourage shared services, with the goal of cutting or at least restraining the state’s tops-in-the-nation property tax bills.