Gov. Phil Murphy and legislative leaders have come to an agreement on a plan to cut property taxes for New Jersey seniors by up to 50%.
When the “StayNJ” initiative was first introduced by Assembly Speaker Craig Coughlin, it was met with resistance by Murphy. The governor branded the plan as too costly and without income limits.
Those issues have been resolved, clearing the way for a proposal Coughlin hopes will allow more retiring New Jersey residents to remain in the Garden State.
Final details are still being worked out.
How Much?
Eligible residents aged 65 and older would receive a benefit up to a maximum of $6,500 per year, beginning in 2026. (The original proposal called for a maximum benefit of $10,000) The plan is touted as guaranteeing 50% off a senior’s property tax bill.
Who is Eligible?
The original plan called for every homeowner in NJ over the age of 65 to be eligible. The final deal places an income limit on the program of $500,000.
Is this in addition to existing programs?
No. Beginning in 2026 it would replace both the senior freeze program as well as the ANCHOR property tax rebate.
How will benefits be paid?
Unclear. Unlike the ANCHOR property tax rebate program, this benefit is likely to be paid to local municipalities, not directly to taxpayers. The local town would then apply the payment as a credit to the property tax bill.
How much will renters get?
It appears renters will ultimately get a total of $700. That is up from the current $450 rebate.
Will the benefit go up?
It can. Under the deal’s framework, the maximum $6,500 benefit is indexed, meaning if taxes go up, the benefit will go up.
How much will this cost?
Initial estimates put the cost of the StayNJ program at $1.3 billion.
From WPG Talk Radio
