Last year, Governor Phil Murphy and First Lady Tammy Murphy paid nearly $185,000 in property taxes on their Middletown mansion on the Navesink River, according to the couple’s most recent tax forms.
That’s just one of the revelations made public by 65-year-old Murphy’s tax returns for 2021, which he and his wife filed jointly. Phil Murphy is a multimillionaire and former Wall Street executive.
Reporters were granted a four-hour window in his Trenton office on Friday to examine the returns. A binder larger than most college mathematics textbooks included hundreds of pages detailing a massive investment portfolio that included shares of stock in hundreds of firms including Apple, Delta Airlines, and Verizon.
According to the filings, the Murphys’ wealth increased by over $5 million in a year when the stock market soared. They also reveal that their co-owned women’s professional soccer team lost money again this season.
Murphy is not going to make his tax returns available to the general public. His administration has only made publicly available a two-page 1040 form and a tax summary for the past few years. New Jersey’s Advance Media combed through all of the ballots. And here’s what we discovered.
Their Annual Property Tax Bill Has Declined
The Murphys’ 6.3-acre mansion in Monmouth County, which they purchased in 2000 for $9.9 million, had a property tax bill of exactly $185,197 in 2017. In 2021, their property tax bill was $207,987, a decrease from the 2020s $209,087.
It’s common knowledge that New Jersey has the highest property taxes in the country. In 2021, the average taxpayer forked over $9,284 in money. The annual property tax payment ate up three percent of the couple’s disposable income.
According to official figures, New Jersey property taxes ate up nearly 11% of the median income in the state. Despite Republican criticism that he wastes tax dollars, Democratic Governor Murphy has made reducing property taxes a central plank of his second term in office.
Employees at the Murphys’ Middletown mansion earned a total of $389,935. The pair has assets and bank accounts in Germany and Italy as well. From 2009 to 2013, Murphy served as the United States ambassador to Germany.
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Their Income Quadrupled
The Gross adjusted income for the Murphys in 2021 was $4.97 million. Since Murphy became governor in 2018, that’s their highest annual total. This is the first time in at least a decade that the couple’s combined gross income has been below $1 million.
It is also a 406% rise over the previous year when they reported $982,000. Murphy’s $175,000 annual compensation as governor of New Jersey comes primarily from other sources of income. His additional income comes from shares and other investments he and his wife have made.
Their assets have been held in a blind trust since Murphy became governor. When asked about the Murphys’ relatively slow year in 2020, administration officials said it was because the people managing their holdings did not sell or trade as many assets as years before.
However, the dramatic increase in 2021 was attributed in large part to a surge in capital gains during a strong market year. According to their tax return, the Murphys earned $4.29 million in capital gains, $531,000 in dividends, and $123,000 in interest last year. The prior year’s totals for the three categories were $277,500, $416,000, and $136,000.
He’ll Pay the Millionaires Tax This Time
Murphy’s income dropped so much in 2020 that he didn’t qualify for the so-called millionaire’s tax he and lawmakers had enacted that year. The law increased the tax rate on gross income between $1 million and $5 million from 8.97% to 10.75%.
As a result of a significant increase in income, the governor will be able to make the payment this year. The combined state and federal income taxes the Murphys paid last year were $1.79 million, at a tax rate of 36%.
That’s an increase from the prior year’s $445,000 (at a tax rate of 45%). The Governor’s Office explained that the increased tax rate for 2020 was due to the fact that they had already paid more in taxes.
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Their Investment Portfolio Is Huge
Companies such as McDonald’s, Pfizer, AT&T, Tesla, Intel, Hilton, Boeing, Coca-Cola, Kellogg’s, and even Dollar Tree have all benefited from this trend. The stock holdings of the Murphy family read like a who’s who of significant corporations.
He has investments in New Jersey corporations like Merck and Campbell Soup. Further, conventional oil firms like Exxon and Chevron were present on the list once more. Despite the fact that the governor, a Democrat, has pledged to reduce emissions in an effort to slow global warming.
Because the funds are now held in a blind trust, the Murphy administration claims, Murphy has no say over the stock purchases or sales that take place in the fund, just as with any mutual fund investor.
Their Soccer Team Lost Money Again
For many years, the Murphys have been joint owners of NJ/NY Gotham FC, formerly known as Sky Blue FC, a professional women’s soccer team. And it’s a money loser year after year. When compared to the projected revenues of $1.72 million in 2020 and $1.1 million in 2019, their loss for the previous year was $160,843.
According to Murphy’s management, this is the case even though the couple incurred greater franchise costs. Murphy has stated that the team’s primary motivation is to help young women fulfill their aspirations of playing professional sports.
What They Gave to Charity
When compared to their previous year’s total of $649,000, the Murphys’ philanthropic contributions in 2021 amounted to about $691,000 total.
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How Much Are They Actually Worth?
The Murphys’ tax returns don’t give a clear picture of the size of the family’s fortune because they don’t itemize the couple’s assets. However, estimates from prior years put their value at over $50 million.
