Hours after being approved by both chambers of the New Jersey Legislature, and just minutes before the constitutionally mandated deadline, Governor Phil Murphy late Monday night signed the $58.8 billion state budget for Fiscal Year 2026 into law.

In addition to millions of dollars for nonpublic schools, Shul security and transportation, the budget also contains many other items of importance, including new taxes and fees, as well as other programs which may be beneficial to families in the state.

Here is a brief roundup of some of the highlights:

ANCHOR/StayNJ Property Tax Relief

For a fourth straight year, the ANCHOR program is set to receive $2.2 billion to fund the tax relief program, providing up to $1,750 to over 1.3 million homeowners and up to $700 to over 700,000 renters to help offset property taxes.

The Stay NJ Property Tax Credit Program was allocated $280 million for the 2026 Budget. The program is set to begin in 2026.

New Taxes:

Although the Legislature eliminated many of the Murphy’s proposed new taxes, several did make the final cut, including the first state tax increase on the price of a pack of cigarettes in 15 years, from $2.70 to $3.00 per pack of 20 cigarettes. Additionally, The tax on vaping cartridges containing vaping liquid was raised from 10 cents to 30 cents.

Another big tax enacted by the Legislature is what is known as the “Mansion Tax.”

Formerly referred to as the realty transfer fee on sales of homes worth more than $1 million, the tax will now double from 1% to 2% on homes and commercial properties sold for $2 million to $2.5 million, and as much as 3.5% on homes sold for more than $3.5 million. The tax burden will also now shift from the buyer to the seller.

Lakewood Township:

Locally, Lakewood Township was allocated $8 million to help with the municipal budget.

New Jersey’s Fiscal Year runs from July 1 to June 30, with the budget required to the start of the year.