Tolls Set To Increase On NJ Turnpike, Garden State Parkway

NEW JERSEY – Drivers In New Jersey will have to dig deeper into their wallets in the new year. Come Jan. 1, 2023, motorists will see a 3 percent toll increase, adding to the already high gas prices.

The toll increase, on NJ Turnpike and Garden State Parkway, is part of the 2023 budget recently adopted by the New Jersey Turnpike Authority (NJTA).

The $2.5 billion budget calls for a 3 percent toll hike, which was originally approved in 2020. The budget also saw a 7.4 percent increase from 2022. When the plan was approved in May 2020, the Turnpike Authority's revenue dropped 60 percent. More: Tolls To Increase On New Jersey Turnpike, Garden State Parkway

The NJTA Board of Commissioners adopted the budget on Oct. 24.

On the parkway, tolls are set to increase from $1.96 to $2.02 for E-ZPass users and cash payments will be up from $2 to $2.10. The average turnpike toll is expected to increase from $4.95 to $5.10, according to NJ.com.

Officials said the increase in toll was due to inflation.

“The Authority’s 2023 Annual Budget provides funding for the successful navigation of current economic conditions including inflation levels not seen in 40 years which impacts discretionary travel on the roads, purchases of operating and capital project good and services, and borrowing costs,” according to the budget statement.

As of September 2022, toll revenue was $1.596 billion, which is 2.9 percent more than what was expected. This was largely due to "stronger than projected commercial traffic growth on the New Jersey Turnpike.”

NJTA will spend $1.3 billion on capital projects in 2023.

Four key factors were tied to the increase in toll – health benefits, professional services, roadway maintenance and insurance – all of which are expected to increase in 2023, according to the memo.

The authority is expected to spend around $11.9 million on health benefits, $8.2 million for professional services, $5.9 million on road maintenance, $3 million in insurance and about $2.9 million on banking services.

“When adjusting for inflation and growth, the 2023 budget for Operating Expenses is only increasing by a modest 2.1 percent,” according to the memo.

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