New Jersey’s 2023 Budget Prioritizes Property Tax Relief, Pensions, Other AARP Priorities

We’re thrilled that New Jersey lawmakers heard our calls to make the Garden State more affordable and more livable for residents of all ages — especially older residents. Gov. Phil Murphy on Thursday signed a Fiscal Year 2023 state budget that includes funding for AARP priorities on property taxes, pension payments and a state-sponsored retirement savings program, among other measures.

The budget “addresses New Jersey’s affordability crisis and delivers a level of direct property tax relief that will help residents remain in their homes and communities,” Evelyn Liebman, director of AARP New Jersey, said in a statement. The 2023 budget includes:

• Funding for the Affordable New Jersey Communities for Homeowners and Renters property tax program, which will boost tax relief for low- and middle-income households from $900 million to $2 billion.

• Fully funded public worker pension payments for the second year in a row. Prior to last year, 1996 was the last time New Jersey made a full annual contribution to its pension system.

• Additional funding for the New Jersey Secure Choice Savings Program, which has not yet launched but will eventually require many private-sector employers to enroll employees in a state-sponsored retirement savings program.

AARP supported the creation of New Jersey’s retirement savings program, which was signed into law in 2019. Hawai’i and Delaware lawmakers passed AARP-backed bills creating similar programs earlier this year. Once they’re signed into law, 16 states will have state-facilitated retirement savings programs.

Read about New Jersey’s 2023 budget, and learn more about planning for retirement.