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Murphy Proposes His Final Nj Budget Property Tax Relief Record

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murphy proposes his final nj budget property tax relief record

Gov. Phil Murphy on Tuesday released his final state budget proposal, calling for New Jersey’s government to spend a record $58.1 billion, including preserving property-tax relief and continuing full public-worker pensions payments but also seeking... Murphy’s proposal, for the 2026 fiscal year that begins July 1, would spend $1.2 billion more in taxpayer funds than it is projected to take in. That’s compared to the $2.2 billion “structural deficit” in the $56.6 billion budget Murphy signed last year. Sources also told NJ Advance Media the state faced a roughly $3.7 billion deficit a few weeks ago. Since then, leaders closed part of the gap by cutting $2 billion in spending, including $800 million in grants lawmakers add at the last minute in June and imposing new taxes and fees.

In addition, the state has enjoyed a bigger-than-anticipated boost in income tax collections, officials say. “Though the budget I present to you today is the final budget of our administration, it is one that reflects our ongoing — and unrelenting — commitment to building a state that is stronger,... The spending plan includes a $6.3 billion surplus to ensure the next governor will inherit one that will be more than 15 times greater than Murphy got when he took office in 2018. The new fiscal year in New Jersey is here, and with it, a new budget approved on Monday night in its final hours before the July 1 deadline to avoid a government shutdown. Governor Phil Murphy signed the record-breaking $58.78 billion budget proposal into law as the Fiscal Year 2026 Appropriations Act. According to the governor's office, this action leaves a $6.7 billion surplus and an all-time high level of property tax relief, the most school funding in history and a fifth consecutive pension payment.

The state says more than 75 percent of the total funds are going to address these areas throughout communities across New Jersey. "With the help of our legislative partners, we are moving New Jersey toward a brighter future for every child, student, worker, parent, and senior citizen who calls our great state home," Murphy said following... "This is a fiscally responsible budget that puts New Jersey families first...At a time when working people are being left behind by misguided decisions in Washington," added Senate President Nick Scutari, Senate Majority Leader... Teresa Ruiz and Senator Paul Sarlo in a joint statement. Governor Phil Murphy proposed a $58.1 billion state budget on Tuesday, calling for increased spending on K-12 education, public transit, and property-tax relief while seeking $1.2 billion in new taxes and fees. Murphy’s final budget proposal of his two terms includes a tax hike on alcohol, cigarettes, online gambling, and luxury home sales.

The plan also fully funds the state’s annual pension obligation and provides additional resources for NJ Transit, which has struggled financially since the pandemic. “[This budget] reflects our ongoing, and unrelenting, commitment to building a state that is stronger, fairer, and more prepared for the future,” Murphy said in his address to lawmakers. The spending plan would leave a $6.3 billion surplus, a safeguard against potential federal funding cuts. Congressional Republicans and former President Donald Trump have signaled an intent to reduce Medicaid and other programs, which could cost New Jersey billions in aid. Under Murphy’s proposal, direct property-tax relief would continue through the Anchor program, while the new Stay NJ initiative would allocate $600 million to provide tax relief for senior homeowners. The program is set to launch in 2026 but lacks long-term funding.

Budget Proposes Record-High Property Tax Relief and School Funding Maintains Commitment to Fiscal Responsibility with $7.2 Billion Full Pension Payment and $6.3 Billion Surplus TRENTON – Governor Phil Murphy delivered his ninth and final budget address on Tuesday, outlining spending priorities for Fiscal Year 2026 (FY2026) to deliver economic security and opportunity to every New Jerseyan and ensure... The budget proposal builds upon the Administration’s historic investments in expanding affordability, supporting the next generation, maintaining fiscal responsibility, and building a stronger and fairer future for all New Jerseyans.The Governor’s proposed budget expands... The proposal also provides record school funding, delivers a fifth consecutive full pension payment, and supports significant investments in New Jersey’s economy and communities. “Our budget proposal for the next fiscal year reflects our ongoing—and unrelenting—commitment to building a New Jersey that is stronger, fairer, and more prepared for the future,” Governor Murphy said.

“Over the past seven plus years, we have made historic progress in advancing this mission, but we’re not done yet. And over the next year, our absolute top priority—as it has been since day one—is delivering economic security and opportunity to every New Jerseyan.” “This budget builds upon this Administration’s commitments to making New... “We look forward to working with our partners in the Legislature to deliver a final budget that benefits New Jerseyans across our state.”The $58.05 billion budget includes a proposed surplus of $6.3 billion, while... The Governor also proposes additional funding for the forthcoming Stay NJ program, dedicating $600 million in resources to significantly reduce property taxes for more than 432,000 senior homeowners.The budget proposes $2.4 billion for the... This will be the fourth season of the ANCHOR program, which has provided more than $6.4 billion in direct tax relief over the past three years.Continuing the focus on providing relief for working and... It also includes new sales tax exemptions for baby items, including cribs, car seats, nursing bottles, and strollers, as well as for sunscreen.

This proposal is modeled off of proposals by Senators Parker Space and Owen Henry and Assemblymembers Dawn Fantasia and Paul Kanitra.The Murphy Administration, in partnership with the Legislature, has provided more than twice as... The budget proposes $165 million for the continuation of Cover All Kids; $61.2 million for the Pharmaceutical Assistance to the Aged and Disabled (PAAD) and Senior Gold programs, helping nearly 150,000 seniors and residents... The proposal also includes $10 million for a new initiative to provide State employees with full pay while they take family leave to care for a newborn, adopted, or fostered child. Supporting the Next Generation of New JerseyansAfter becoming the first Governor to fully fund the K-12 school funding formula in the last fiscal year, Governor Murphy proposes to continue providing record-high school funding in... The budget includes a record-breaking $12.1 billion for K-12 schools in FY2026, a greater than $3.9 billion increase since FY2018. This proposal also addresses district feedback about the formula by capping losses in major school aid categories and reducing input volatility, ensuring no district sees a steep reduction in aid from one year to...

K-12 State aid will not decrease by an amount greater than 3% of the prior year State aid in four primary categories: equalization, special education, security, and transportation. The budget also includes legislation to require every school district to provide full-day kindergarten. It proposes $7.5 million in new grant funding to support districts in providing high-impact tutoring to students in need of extra academic support, as well as $3 million in incentive grants for schools that... Since 2018, the Murphy Administration has expanded pre-K to 229 school districts and created nearly 20,000 new seats.Fiscal ResponsibilityThe budget continues the Murphy Administration’s record of fully funding the pension system, with the $7.2... Under Governor Murphy’s leadership, total pension contributions are on track to exceed $47 billion – nearly four times the $12.2 billion in total contributions of the previous six governors combined. The Governor continues his focus on fiscally responsible governance, proposing a budget surplus of $6.3 billion dollars, nearly ten times larger than the average surplus under the previous administration.

With this final budget, the Murphy Administration would leave the next Governor with a surplus that is more than 15 times greater than the one it inherited ($409 million).The proposed FY2026 budget largely caps... Total appropriations for the FY2026 budget proposal are $70 million less than the FY2025 adjusted appropriation.Additionally, the proposal includes $815 million in funding from the Corporate Transit Fee dedicated to support NJ TRANSIT; builds... Those include tax increases for the highest tier of realty transfer fees, sports betting, alcohol, adult-use marijuana, and cigarettes, as well as a new exemption for small business investment. These changes, along with the cuts in appropriations help ensure that revenues are more closely in line with expenditures.Building New Jersey’s FutureAs the most densely populated state in the nation, New Jersey’s infrastructure remains... The budget includes $1.23 billion for critical investments in State and local highway and bridge projects, and another $767 million for NJ TRANSIT capital projects.The FY2026 budget proposes an additional $20 million for Strategic... The Murphy Administration has helped launch ten new SICs that have already drawn in over $250 million in funding from the private sector, positioning New Jersey's entrepreneurs, workers, and students to lead the industries...

An additional one-page policy paper on the central commitments outlined in this budget proposal can be found here. Gov. Phil Murphy delivered his Fiscal Year 2026 Budget Address in the general assembly chambers of the State House on Feb. 25, 2025. - PROVIDED BY RICH HUNDLEY III/NJ GOVERNORS OFFICE Murphy signs $58.8B NJ budget with tax hikes, relief aid

Gov. Phil Murphy delivered his Fiscal Year 2026 Budget Address in the general assembly chambers of the State House on Feb. 25, 2025. - PROVIDED BY RICH HUNDLEY III/NJ GOVERNORS OFFICE Gov. Phil Murphy signed a record $58.8 billion fiscal year 2026 budget bill into law late Monday night — his final budget as governor of the great Garden State.

Earlier Monday, the full Senate and Assembly passed the spending plan. As NJBIZ has reported, the budget bill (Senate Bill 2026/Assembly Bill 5800) cleared committees late last Friday night. Go behind the headlines: From the economy and healthcare to politics and the environment - and so much more - On Point talks with newsmakers and real people about the issues that matter most. On Point is produced by WBUR for NPR. New Jersey’s new state budget includes property tax relief, new taxes on cigarettes and gambling and billions for the surplus fund. File - The rotunda at New Jersey's State House.

(AP Photo/Mike Catalini) From Camden and Cherry Hill to Trenton and the Jersey Shore, what about life in New Jersey do you want WHYY News to cover? Let us know. With only a few minutes to go before the deadline, New Jersey Gov. Phil Murphy approved a $58.8 billion budget for the state for fiscal year 2026. This year’s spending plan is the largest in state history, almost 4% higher than last year’s budget.

Topics you care about, straight to your inbox Topics you care about, straight to your inbox Property tax relief programs that have made headlines during Gov. Phil Murphy’s time in office will continue to receive funding in his final budget proposal, though what happens next year remains to be seen. The most discussed, known as StayNJ, is scheduled to start officially in January, so the last tranche of its funding — about $280 million — was included in the fiscal year 2026 spending plan... The program is geared toward keeping seniors in New Jersey during their golden years by cutting property taxes for those 65 and older with incomes of up to $500,000.

It is projected that 90% of eligible recipients have incomes of less than $200,000. Including this third year of funding, the state has formally set aside $600 million for the program and is expected to cover payments to eligible recipients from January through June 2026, which is when... Treasury officials confirmed there is no “buildup plan” for fiscal year 2027, which is estimated to cost $1.2 billion annually. There was no doubt you were going to pay more under Gov. Phil Murphy's final budget before he leaves office. The only real question was how much more and for what.

It is being reported that Murphy and Democratic legislative leaders have reached an agreement on tax hikes. Murphy's proposed budget set a new record and continued his trend of spending more money than the state already collects in taxes. To pay for this latest round of excess spending, Murphy proposed $1.2 billion in new taxes and fees. The tentative agreement being reported on NJ.com includes tax hikes on cigarettes, luxury homes, and online gaming. However, Murphy's fellow Democrats rejected so-called "fun taxes" on things like bowling, batting cages, and laser tag. Under the deal, New Jersey will tax cigarettes at $3 per pack.

Murphy had wanted a 25% tax hike on sports betting and online gaming. Lawmakers agreed to 20%.

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Gov. Phil Murphy on Tuesday released his final state budget proposal, calling for New Jersey’s government to spend a record $58.1 billion, including preserving property-tax relief and continuing full public-worker pensions payments but also seeking... Murphy’s proposal, for the 2026 fiscal year that begins July 1, would spend $1.2 billion more in taxpayer funds than it is projected to take in. Tha...

In Addition, The State Has Enjoyed A Bigger-than-anticipated Boost In

In addition, the state has enjoyed a bigger-than-anticipated boost in income tax collections, officials say. “Though the budget I present to you today is the final budget of our administration, it is one that reflects our ongoing — and unrelenting — commitment to building a state that is stronger,... The spending plan includes a $6.3 billion surplus to ensure the next governor will inherit one tha...

The State Says More Than 75 Percent Of The Total

The state says more than 75 percent of the total funds are going to address these areas throughout communities across New Jersey. "With the help of our legislative partners, we are moving New Jersey toward a brighter future for every child, student, worker, parent, and senior citizen who calls our great state home," Murphy said following... "This is a fiscally responsible budget that puts New Jers...

The Plan Also Fully Funds The State’s Annual Pension Obligation

The plan also fully funds the state’s annual pension obligation and provides additional resources for NJ Transit, which has struggled financially since the pandemic. “[This budget] reflects our ongoing, and unrelenting, commitment to building a state that is stronger, fairer, and more prepared for the future,” Murphy said in his address to lawmakers. The spending plan would leave a $6.3 billion su...

Budget Proposes Record-High Property Tax Relief And School Funding Maintains

Budget Proposes Record-High Property Tax Relief and School Funding Maintains Commitment to Fiscal Responsibility with $7.2 Billion Full Pension Payment and $6.3 Billion Surplus TRENTON – Governor Phil Murphy delivered his ninth and final budget address on Tuesday, outlining spending priorities for Fiscal Year 2026 (FY2026) to deliver economic security and opportunity to every New Jerseyan and ensu...