Coughlin: NJ Budget a ‘Win’ for Families, Seniors, Schools

WOODBRIDGE, NJ — The state’s new record-setting $56.6 billion budget for FY2025 earned praise from N.J. Assembly Speaker Craig J. Coughlin for its historic property tax relief and greater aid for schools and healthcare.

Gov. Phil Murphy approved the state’s new $56.6 billion budget on Friday, June 28, two days ahead of a constitutional balanced-budget deadline that would have triggered a state shutdown.

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About half of the FY2025 state budget, roughly $27 billion, “will provide property-tax relief,” directly or indirectly, Murphy said in a prepared statement .

Coughlin (D–19th Dist.), who represents Carteret, Perth Amboy, Sayreville, South Amboy, and Woodbridge, issued a prepared statement that highlighs the new budget’s relief for families, senior citizens and school students. Here’s what the Assembly Speaker said:

“This budget makes historic investments in schools, sustained property tax relief, health care, and transportation, while maintaining our commitment to fiscal responsibility with a healthy surplus.”

“After decades of neglect, we have fully funded aid to local school districts to benefit students, teachers, and communities, and made a full pension payment for the fourth year in a row, ensuring a secure retirement for hundreds of thousands of New Jerseyans."

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“ANCHOR is in its third year, now a benefit that homeowners and renters can count on annually to ease their burdens and make our state more affordable. This budget also delivers more support for Stay NJ so that next year, almost every senior homeowner in our state will be able to use a single, streamlined application for property tax relief to see their bills cut in half.”

Here are FY2025 state budget highlights:

● $2 billion for the ANCHOR tax relief program giving 1.3 million homeowners up to $1,750 and 700,000 tenants up to $700 to offset property taxes.

● $220 million for the Stay NJ property tax relief program for seniors who earn less than $500,000 a year.

● Provides maximum-level state aid to school districts and community colleges.

● Imposes a “corporate transit fee” on roughly 600 New Jersey companies that earn $10 million or more, mostly to subsidize NJ Transit.

● Contributes a record-high $7.16 billion payment to pension funds for retired state, county and municipal employees.

● Creates a $6.1 billion “rainy day” surplus fund for unexpected state emergencies.

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