12 Jul I’m a renter. Would I get anything under StayNJ?

Q. I’m a renter. Would I get anything under StayNJ?
— Tenant

A. StayNJ became law on June 30.

The benefits, unfortunately for you, are only for homeowners, not renters.

But the ANCHOR benefit, thanks to the state budget negotiations, is going up for both renters and homeowners. That benefit will go up by $250 to $700 for renters and up to $1,750 for homeowners, again based on income levels.

On StayNJ, the benefits to homeowners won’t start until the first quarter of 2026.

Seniors who have income of less than $500,000 would get a 50% credit on their property tax bills for their primary residences, similar to how the Homestead Rebate credits were given. There’s a cap on savings of $6,500 a year, and it would be indexed, possibly creeping higher as property taxes rise over time.

Also note, for homeowners, more people will be eligible for the Senior Freeze program, which is increasing income cutoffs and decreasing the residency requirement from 10 years to only three years.

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This story was originally published on July 12, 2023.

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