Governor Murphy delivered his Fiscal Year 2023 Budget Address. The proposed budget is $48.93 billion, which is a 5.3% increase over FY 2022 state budget. The budget does not include any new taxes or fees.
The overall state aid remains flat in the budget, however, the Consolidated Municipal Property Tax Relief Aid (CMPTRA) and Energy Tax Receipts amounts have a slight increase of 0.1% from the FY 2022 budget. There is a 35% decrease in the Open Space Payment In Lieu of Taxes (PILOT) program.
The budget also includes a full state pension contribution, funding for the Affordable New Jersey Communities for Homeowners and Renters Property Tax Relief Program (ANCHOR), additional funding for K-12 education, and funding for Affordable Housing projects. For more information on the proposed budget please see our recent blog post.
Contact: Andrew LaFevre, Legislative Analyst, email@example.com, 609-695-3481 ext. 116