In an op-ed in New Jersey Spotlight News, Assembly Speaker Craig Coughlin and AARP New Jersey’s Chris Widelo advocate for fully funding the Stay NJ initiative in the upcoming FY2026 budget.
New Jersey’s Stay NJ program offers critical property tax relief that allows seniors to remain in their homes despite the state’s high property taxes, which average nearly $10,000 annually.
Stay NJ reimburses 50% of eligible homeowners’ property taxes (up to $6,500 in 2024) for residents aged 65 and older. The program addresses a pressing need, as 78% of New Jersey voters over 50 prioritize lowering property taxes, with nearly 40% struggling to afford their current tax bills.
According to Couglin and Widelo, fully funding Stay NJ makes economic sense. “Ensuring that older residents can afford to stay in their homes free from the burden of rising property taxes is not just a financial necessity; it is a commitment to the well-being and dignity of our neighbors,” they said in the editorial.
For New Jersey’s 1.7 million Social Security beneficiaries averaging just $20,500 in annual income, Stay NJ provides essential financial breathing room amid rising costs for utilities, food, and other necessities.
Governor Murphy has proposed full funding for Stay NJ in his budget. Now the Legislature must pass a budget that delivers this much-needed relief, allowing countless seniors to remain in the communities they helped build.
New Jersey’s deadline to pass the upcoming budget is July 1st, 2025.