CNBNews

Next year is shaping up to be an expensive one for Garden State drivers as the New Jersey Turnpike Authority officially joins a list of potential toll and fare hikes that will take effect in 2025.

It was never a matter of "if" tolls on the New Jersey Turnpike and Garden State Parkway would go up but rather "how much" as the authority has adopted an index approach to budgeting toll increases by a minimum of 3% each year. The process eliminates the need for public hearings.

Tolls will increase on Jan. 1 by 16 cents on the NJ Turnpike and 8 cents at Parkway barrier plazas, and 3 cents on Parkway entrance and exit ramps.

The revenue, according to the authority, will be used to fund its $2.7 billion budget.

In the agenda for Tuesday's meeting, the authority said that toll revenue was down in 2024 for the ten months ending Oct. 31 due to several severe winter weather events, heavy rain and flooding in March and April, and a hot summer.

Read More: NJ Turnpike, Parkway tolls going up in January