SOMERVILLE, NJ (PIX11) — In a move something that will be a bit of a foreign concept to the good people of New Jersey, property taxes and rents for about half the state will be lower this year.

The announcement was made by Gov. Phil Murphy, who was pressed to do something about affordability in NJ after narrowly winning re-election last November.

“This relief, as you know folks, cannot come fast enough,” Murphy said.

He said residents making less than $250,000 will receive a property tax rebate of about $700.

“We are turning over every stone to try and deliver as much relief in this crisis moment as possible,” Murphy said.

It is part of a new program known as “ANCHOR,” which will also give $250 rebates to about 600,000 renters.

“Combined, when you add up all those households, whether you’re owning or renting, more than 5 million New Jerseyians live in those households, and will benefit from ANCHOR,” Murphy said. “That’s more than half of our states’ population.”

Murphy plans to work with the state legislature to raise those rebates in the coming years. But he said something that is off the table to improve affordability is a gas tax holiday. He said the state constitution ties gas taxes to infrastructure projects, and stopping those projects would end up costing more in the long run.