$53.1 Billion Budget Plan Unveiled by New Jersey Governor – Proposing Property Tax Rebates and More School Aid

New Jersey Governor Phil Murphy announced a $53.1 billion budget for the fiscal year 2024, a 5% increase from the current year’s spending plan. The budget proposes more school aid, a property tax rebate program, and billions more for public pensions, transportation, and other projects, as reported by US News on February 28, 2023.

The governor has proposed making a full payment to the state’s public pension fund for a third consecutive year, which would be about $7 billion.

The proposed plan would finance K–12 education according to a formula approved by the state Supreme Court, increasing funding by about 8% to $10.75 billion. The governor also aims to set aside about $1 billion for universal pre-K, up $110 million from the current year.

The proposal includes no tax increases, and the governor aims to renew a property tax rebate program for a second year. According to a report by 6ABC published on February 28, 2023, the program would provide an estimated 1.5 million households with a rebate check of $1,500 for families earning up to $150,000 and $1,000 for those earning between $150,000 and $250,000.

Republicans have criticized the proposal, calling on the governor to cut taxes. All 120 state lawmakers are on the ballot this November.

Based on an NBC report on March 1, 2023, New Jersey has among the highest property taxes in the nation, averaging about $9,500 a year.