Here's the full breakdown of what you may save under a property tax relief plan Gov. Phil Murphy announced on Thursday.
For New Jersey homeowners making up to $250,000, rebates would be applied as a percentage of property taxes paid up to $10,000. Renters making up to $100,000 would be eligible for direct payments up to $250.
Murphy said his administration plans to ramp up the program over a three-year period, and the state investment would swell to $1.5 billion annually, bringing the average rebate per eligible household to $1,150 by 2025.The proposal needs the approval of the Democratic-controlled Legislature to be included in the final budget, which must be signed by the start of the new fiscal year in July.
If it is included in the budget, nearly 1.8 million New Jersey households could see credits on their property tax bills in the coming year.Senior or disabled homeowners
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