On Tuesday, Gov. Murphy presented his proposed Fiscal Year (FY) 2022 state budget. Typically presented before a joint session of the State Legislature, the governor gave his budget address before an empty theater at the New Jersey War Memorial in response to the ongoing pandemic. The governor’s proposed budget contains no tax or fee increases and totals $44.8 billion.
The proposed budget contains:
- Over $700 million in funds for the state property tax deduction
- $1.2 billion in total fund for property tax relief
- $20 million for a first-time homebuyer Down Payment Assistance Program which would provide enough funds to help nearly 2,000 first-time homebuyers
- $5 million to streamline the housing permitting and construction review processes at the state and local level from the Affordable Housing Trust Fund
- $100 million for the Main Street Recovery Finance Program to assist businesses affected by COVID-19
The state legislature will review the governor’s budget proposal prior to the June 30 deadline. New Jersey Realtors® will actively monitor the budget process to ensure no taxes or fees affecting the real estate industry or homeownership are added to the budget and will support programs in the budget of importance to the real estate industry.