Murphy’s Latest Tax Hikes: Cigarettes, Casinos & Real Estate – Oh My!

the staff of the Ridgewood blog

Trenton NJ, “The Only Taxes People Like Are the Ones Someone Else Pays” — But in New Jersey, You’re Probably Paying Them Too . If there’s one thing more certain than death and taxes, it’s New Jersey finding new taxes.

Starting August 1, smokers in the Garden State will find their wallets even lighter as a fresh round of cigarette and vape taxes goes into effect. Yes, that’s right — Gov. Phil Murphy and the Democrat-led Legislature have once again reached deep into the playbook of “creative revenue generation” and pulled out… even more taxes.

But wait — there’s more! This isn’t just a hit to nicotine lovers. The latest fiscal fiesta also includes increased taxes on online gambling, sports betting, and a brand-new set of graduated fees on luxury real estate deals. Together, these taxes are expected to pump a whopping $600 million into state coffers during the 2026 fiscal year.

So, who’s footing the bill? Spoiler alert: probably you.

What’s New in Your Tax Bill?

Let’s break it down with the enthusiasm of a used car salesman during a clearance sale:

• Cigarettes & Vapes: Smokers will be coughing up more cash as of August 1 — a move expected to generate $47 million annually. Bad for your lungs and your wallet.

• Online Gambling & Sports Betting: The digital dice just got more expensive. New tax rates are projected to raise $210 million from gamblers and fantasy sports fanatics alike.

• Luxury Real Estate Fees: If you’re buying big, you’re paying big. These new transaction fees are expected to rake in $282 million. Even Monopoly money isn’t safe anymore.

• Healthcare Facility Fees: Adjustments to ambulatory care and hospital admission fees are set to bring in another $73 million. Get sick, pay taxes!

Budget Bigger Than Ever (And Still Not Enough)

Thanks to these tax hikes, New Jersey’s revenue is forecasted to reach a record $57.3 billion. Sounds impressive — until you see that planned spending is actually $58.78 billion. Math wizards will notice a nearly $1.5 billion structural deficit left behind for the next administration. It’s like maxing out your credit card to buy more credit cards.

Murphy’s original budget proposed even more taxes — like charging a fee on every phone line to fund a mental health hotline, and expanding sales tax to batting cages and bowling alleys (because what’s more therapeutic than taxing fun?). But those ideas got the axe before the final vote.

Politics and Polls: Tax Fatigue is Real

This all comes as every seat in the state Assembly is up for grabs in November. Polling shows that taxes and cost of living are the #1 concern for New Jersey voters — not shocking when even your fantasy football league is being taxed.

Republicans are already crying foul, warning the real budget hole is deeper than Murphy’s projections. They point to the $550 million raid on the state’s debt defeasance and prevention fund, used to plug this year’s fiscal gaps.

A Legacy of Taxation

As Gov. Murphy prepares to exit stage left in January due to term limits, he leaves behind a fiscal legacy — and a sizeable bill — for the next administration. While some hail his commitment to “turning New Jersey around,” others see a state circling back into the same old spending vortex.

So, whether you smoke, gamble, buy houses, or just exist — congratulations! You’re helping New Jersey hit new revenue records.

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