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New Jersey Governor Phil Murphy announced that the ANCHOR property tax relief payments, which he calls the most historic property tax relief program in state history, should begin appearing in New Jerseyans’ checking accounts today. This initiative is expected to roll back property tax bills by a decade in many cases, providing significant financial relief to homeowners and renters across the state.
Governor Murphy’s ambitious program aims to alleviate the financial burden of property taxes, a pressing issue for many New Jersey residents. The payments, which are higher than last year’s, will be as much as $1,750 for homeowners and $700 for renters.
The Governor expressed optimism about the impact of the program, stating that it represents a significant step towards more equitable housing in New Jersey. By reducing property tax bills to levels not seen in over a decade, the program is expected to make home ownership more accessible and sustainable.
This move is seen as a major stride in addressing the high cost of living in New Jersey, and it is anticipated to have far-reaching effects on the state’s economy.