New Jersey Governor Proposes $60.7B Budget with Property Tax Relief

Sherrill's first budget aims to boost affordability and provide significant property tax relief without new taxes

Published on Mar. 10, 2026

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New Jersey Governor Mikie Sherrill has proposed a $60.7 billion state budget for the upcoming fiscal year, a 1.6% increase over the previous year. The budget focuses on improving affordability for residents by providing significant property tax relief without imposing new taxes. It also aims to cut the structural deficit nearly in half while investing in schools, infrastructure, and energy programs.

Why it matters

Governor Sherrill's budget proposal represents her administration's priorities for addressing the state's fiscal challenges and improving the affordability of living in New Jersey. With a focus on property tax relief and fiscal discipline, the budget plan could have a significant impact on residents' cost of living and the state's long-term financial health.

The details

The $60.7 billion budget proposal would increase spending by 1.6% over the previous year, a slower growth rate compared to the previous eight budgets which grew by about 7% annually on average. The administration says the plan would cut the structural deficit nearly in half while still investing in key areas like schools, infrastructure, and energy programs. Approximately 74% of the budget is slated to flow back to communities through property tax relief, social services, higher education, and aid to schools and municipalities.

  • Governor Sherrill delivered the budget address on Tuesday, March 10, 2026.
  • The budget proposal now heads to the state legislature, where lawmakers will spend the next several months negotiating changes before the constitutional July 1 deadline to adopt a final state budget.

The players

Mikie Sherrill

The Governor of New Jersey, delivering her first budget proposal since taking office.

Aaron Binder

The State Treasurer, who called the budget plan 'an important step' toward improving affordability while maintaining fiscal discipline.

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What they’re saying

“This is an affordability budget rooted in lowering costs for hardworking families and making government more accountable.”

— Mikie Sherrill, Governor of New Jersey (wpst.com)

“The budget proposal represents an important step toward improving affordability while maintaining fiscal discipline.”

— Aaron Binder, State Treasurer (wpst.com)

What’s next

The budget proposal now heads to the state legislature, where lawmakers will spend the next several months negotiating changes before the constitutional July 1 deadline to adopt a final state budget.

The takeaway

Governor Sherrill's first budget proposal focuses on improving affordability for New Jersey residents by providing significant property tax relief without imposing new taxes. The plan aims to cut the structural deficit while still investing in key areas, representing a balanced approach to the state's fiscal challenges.