Cost-of-living adjustments were suspended in 2011 and won't return for many years, even with full contributions. But restoring them now costs $3.6 billion.
Gov. Phil Murphy proposes property tax rebates starting at $700 and growing to $1,150, including homes with incomes of up to $250,000. Renters get help, too.
After interest-only payments are made in 2021 and 2022, yearly payments are expected to be slightly more than $500 million for the 10 years that follow.