Making NJ More Affordable: Delivering Historic Property Tax Relief While Investing in Communities Throughout NJ
The FY2026 budget delivers record property tax relief, fully funds schools, and invests in the people and places that make New Jersey home
By: Assembly Speaker Craig Coughlin
Ask anyone who knows me well, and they’ll tell you summer is truly my favorite season. I love our Jersey Shore, going to baseball games, and spending evenings relaxing with my family.
But there’s another reason I love the summer – I get to travel around the state on what I like to call “the budget tour” – where I get to see first-hand how money invested in New Jersey through our new State budget makes a difference in the lives of our residents, and in the communities they call home.
From South Jersey to Newark, and a plenty of places in between, my fellow legislators and I have visited with non-profit and community leaders, hearing how the targeted investments made by the State are having a big impact. For example, I joined my colleagues in Paterson to announce funding to help a local food bank meet record demands and ensure families have meals on the table. I visited the Boys and Girls Club in Gloucester County, where kids are finding safe spaces and after school programs that help them grow. And I stood with my district mate in Carteret to proudly share that the Carteret Ferry Terminal, now under construction, will soon transform commutes and open doors for local businesses. In Perth Amboy, a new firehouse is taking shape that will cut emergency response times and give first responders the modern tools they need to keep residents safe. The New Jersey Gun Violence Research Center at Rutgers is using an investment secured in this budget to expand evidence-based violence prevention strategies in Newark and help scale the model to other high-risk cities including Paterson, Camden, Trenton, and Atlantic City.
These are the investments that make our communities safer and stronger. These are the investments that enable our communities to offer much-needed programs. These are the investments that make our neighborhoods a more desirable place to live.
And let me set the record straight – these are not extras, or “pork” or, “Christmas tree items.” Not to us, and not to the countless New Jersey residents who benefit from this funding. These are smart financial decisions that strengthen communities and, just as importantly, save taxpayers money by ensuring the costs do not fall entirely on local shoulders.
That’s why when I hear people question the additions the Legislature made to this budget, I proudly know that the funding we secured will strengthen our neighborhoods, increase accessibility, and make New Jersey safer. When I hear these talks, or see them online, I think of the places I visited this summer, the investments that not only save taxpayers money, but build up communities in ways that go beyond dollars and cents. That will never be pork to me.
And let me be clear, we managed to make these impactful community investments while approving a budget that delivered record property tax relief, fully funded the school funding formula, and made another full pension payment for the fifth year in a row. All of this, while avoiding tax increases on the backs of middle and working class families.
As many of you know, I spend a lot of time at our state’s local food banks and pantries, and one thing I see more than anything else isn’t food or supplies – its senior citizens. From childcare to volunteer work, seniors provide a level of service that is unmatched, and that is a reality I understand more and more as I have begun spending so many weekends on Grandpa Duty. It’s because of these reasons, and so many more, that we believe seniors deserve the dignity of aging in place. And as a proud champion of the Stay NJ program, I was thrilled to see this budget include the funding needed to bring New Jerseyan’s a program that does just that – keeps them in their home, close to family.
Once Stay NJ is fully implemented, most seniors and disabled residents will see their property taxes cut in half, and payments will begin in January. That’s on top of New Jersey’s other popular property tax relief programs, ANCHOR and Senior Freeze which together provide relief to more than 2 million households. In total, the budget includes a record-breaking $4.3 in direct property tax relief.
Keeping property taxes in check for the long run also means making sure schools are properly funded. In this year’s budget, you’ll find more than $16 billion for K-12 education and expanded access to preschool. That commitment not only gives every student the resources they deserve, but also keeps local taxes from rising. In total, more than 40 percent of State spending flows right back into communities, meaning that this budget represents not only record investment but also record relief.
Some say we cannot afford to make this level of commitment, but the truth is we can’t afford not to make it. For five years in a row, the State has made its full pension payment, ending years of kicking the can down the road, shortchanging public workers, and digging a deeper financial hole. We cut hundreds of millions of dollars in unnecessary spending while protecting a healthy $6.7 billion surplus so we can weather challenges ahead. That is not reckless. That is smart, responsible stewardship and the national credit agencies rewarded us in kind.
Budgets are about choices and this one makes clear where our priorities lie. We choose to help families stay in New Jersey. We choose to protect seniors who deserve the dignity of aging in place. We choose to invest in schools, in safe communities, and in local projects that improve the lives of our residents. That’s not wasteful spending. It is a blueprint for a stronger and more affordable New Jersey.