Property taxes will be reduced for more than 2million people.

ANCHOR Property Tax Relief program is being expanded by Governor Phil Murphy so that it now provides 

more than $2billion in tax relief to both homeowners and renters in New Jersey.

more than $2billion in tax relief to both homeowners and renters in New Jersey.

Property tax reductions will be available for ANCHOR (Affordable New Jersey Communities for Homeowners and Renters) beginning July 1, 2023.

Renters are not eligible for the program, which will replace the Homestead Rebate Program.

The average benefit under the current program is $626.

In the US, New Jersey's property tax rates are the highest, while Illinois and New Hampshire follow close behind, according to WalletHub.

In the US, New Jersey's property tax rates are the highest, while Illinois and New Hampshire follow close behind, according to WalletHub.

A $500,000 home would cost a homeowner about $12,000 at these rates.

The average tax bill for New Jerseyans in 2021 will be roughly $9,300, according to Governor Murphy's office.

In a statement, Gov Murphy said, "We are making New Jersey stronger, fairer, 

and more affordable for working families and middle-class families across the state."

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