Gov. Phil Murphy took a half-a-million dollar financial hit last year on the professional women's soccer team he owns, tax records his office revealed Thursday show.

The Democratic governor's 2017 taxes showed the governor reported about $500,000 in losses from Sky Blue FC. The governor is a majority owner of the team, which is based in Tinton Falls and plays home games at Yurcak Field at Rutgers University in Piscataway.

The financial hit from the team carried over from previous years exceeded $6 million, according to the tax documents.

Murphy, a former executive at Wall Street investment banking firm Goldman Sachs, could also get whacked next year by the new federal tax law signed by President Donald Trump -- at least when it comes to getting a break on his property taxes and state income taxes.

Murphy and First Lady Tammy Murphy, who file jointly, paid more than $477,000 in state and local taxes in 2017, including $306,000 in real estate tax on their Middletown home.

They prepaid the first two-quarters of 2018 property taxes in their 2017 filing ahead of the changes to the federal tax code. It amounted to $100,000 more in taxes on their home compared to 2016.

When they file next year, the couple will only be able to deduct no more than $10,000 of that under the new federal tax law. The law has been decried by Murphy and other New Jersey officials who say it will hurt many middle-class homeowners hard.

But before you begin to feel too sorry for the first couple, who reported nearly $6.8 million in income last year, the other changes to the tax law that could spare them from a big financial hit in 2018. Critics of the Trump tax law say 83 percent of the benefits go to America's richest.

"They might be all right, or even ahead," Gail Rosen, a certified public accountant with Wilkin & Guttenplan in Martinsville, told NJ Advance Media.

Murphy's administration allowed reporters to review their tax returns for four hours Thursday.

The governor's soccer team made headlines earlier this year after a pair of published reports described bleak living and working conditions at Sky Blue.

According to the reports, former players and others affiliated with the team said players have been set up to live in shack-like homes, play in facilities without showers, and practice in dirty clothes because of a lack of laundry service, among other complaints.

Murphy said later that the players "deserve better" and that he's requiring management to "improve" the situation.

"It will not go on," Murphy said at the time. "The buck stops with ownership ... and I'm not proud of those stories and so we're running each one of them to the ground."

Murphy said he was working with the team to address each concern the players raised.

Matt Arco may be reached at marco@njadvancemedia.com. Follow him on Twitter @MatthewArco or Facebook.