Category: State Budget

Yesterday afternoon, Governor Murphy presented his State FY 2025 Budget to a joint session of the Legislature in Trenton, New Jersey. The proposed budget totals $55.9 billion, keeping total spending growth below 1 percent from the FY 2024 adjusted appropriations ($55.43 billion). It includes a $6 billion surplus. The proposal does not include any new taxes but does include a new 2.5 percent corporate transit fee that will apply to many of the large businesses operating in New Jersey and other smaller revenue raisers (discussed below). The Governor’s budget address was centered around themes of opportunity and affordability. The budget proposal stressed that opportunity is available to all who call New Jersey home and those who may be newcomers to the State. Affordability/Property Tax Relief Governor Murphy addressed rising costs, supply chain snarls, and inflation in his address. The proposed budget aims to improve affordability in the State by addressing property taxes and increasing access to housing. The budget proposal includes $3.5 billion dollars directed toward property tax relief through programs such as the Affordable New Jersey Communities for Homeowners and Renters (ANCHOR) Property Tax Relief Program, which provides property tax rebates to both homeowners and tenants, and the Senior Freeze Program, which provides property tax relief to seniors and differently abled New Jerseyans. The...