FAIR LAWN, N.J. -- Nearly 2 million New Jersey residents will get relief on their property taxes next year.
As CBS2's Meg Baker reported Thursday, homeowners and renters will benefit.
The new "ANCHOR" initiative will distribute $900 million in property tax relief to approximately 1.8 million homeowners and renters in 2023.
"ANCHOR formally stands for Affordable New Jersey Communities for Homeowners and Renters," Gov. Phil Murphy said.
"The number one concern that our residents expressed in New Jersey over and over again is the challenge in property taxes," Lieutenant Gov. Shiela Oliver said.
The initiative will replace the Homestead Rebate Program.
"Some 1.15 million homeowners with incomes of up to $250,000 will qualify for direct property tax relief. Additionally, more than 600,000 renters with incomes up to $100,000 will also be eligible for direct relief to offset the rent increases that they've been facing," Murphy said.
The average property tax bill in New Jersey is $10,000. The governor said taxpayers could get as much as $700 back, a 7 percent reduction.
The Murphy administration said the average refund will increase to just over $1,100 in 2025.
Taxpayers who spoke with CBS2 said the relief is long overdue.
"That's a good thing, anything refunded is excellent," Patricia Dawson said.
Lt. Gov. Oliver said the rebate is especially important for older adults living on a fixed income.
"We want our older adults to age in place. We don't want them to worry about getting that tax bill," Oliver said.
Leaders hope the program attracts more people to move to New Jersey and stay.
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