The New Jersey State Legislature passed the StayNJ Act in June of 2023 to encourage seniors to remain in the state through property tax relief. This act was designed to enhance the state property tax benefit programs that seniors may already qualify for, namely the ANCHOR and Senior Freeze programs.
The overall aim of the StayNJ program is to cut property tax bills in half for seniors 65 and over making less than $500,000 per year. Governor Phil Murphy, thorough the legislation, enacted a task force to deliver a report on recommendations to find ways to bring that tax relief. The task force, as of May 30th, has delivered their detailed recommendations and the full report can be found here.
If the program is enacted, the tax relief would begin in 2026. Complete details of the StayNJ tax relief program can be found on the State of New Jersey’s website.
