Murphy’s Bold Budget Proposal: Record Spending on Property Tax Relief and Education
New Jersey Governor Phil Murphy has unveiled a historic budget proposal for fiscal year 2026, aiming to elevate spending on direct property-tax relief programs to over $4 billion for the first time. This marks a staggering 300% increase in property-tax relief spending over the past decade, reflecting the state’s commitment to alleviating financial burdens on residents amid soaring property taxes.
In conjunction with this, funding for K-12 public schools is set to exceed $12 billion, an increase from nearly $8 billion just ten years ago. Together, these allocations highlight a $6 billion growth in education and tax relief funding since Murphy took office in 2018.
However, the proposed budget also brings a tax increase of over $1 billion, triggering debate among lawmakers as they closely scrutinize its implications. Critics, including Assemblywoman Nancy Munoz, express concern over the potential tax hits for constituents.
Despite challenges, State Treasurer Elizabeth Maher Muoio emphasized that while spending has increased, the government is fulfilling its fiscal obligations, including full pension contributions for public employees—a crucial area that has faced underfunding in the past.
As Murphy prepares to leave office, he anticipates leaving behind a substantial surplus of nearly $6.7 billion, which reflects a stark contrast to the less than $1 billion surplus from a decade ago.
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