26 Feb What do we know about the Stay NJ property tax program?

Q. Last summer I read about the Stay NJ program. Do we know any more about it being put in place?
— Taxed too much

A. The Stay NJ program promises to cut property taxes in half for eligible residents who are 65 and older and who earn less than $500,000 a year. The maximum benefit would be $6,500.

The first payout from the program is supposed to be in 2026, but there are lots of challenges related to the feasibility of the plan — as the law is currently written.

Before payments can be made, the state has to meet certain other budget priorities, and with tax collections down so far this year, that’s going to be an issue. Lawmakers may have to make some changes to the current law, which could include delaying or lowering the promised payments, before the state can afford it.

We’re going to learn more about the latest in the program during Gov. Phil Murphy’s budget speech on Tuesday.

The Stay NJ Task Force, which is supposed to come up with solutions for the anticipated problems and also consider how the ANCHOR and Senior Freeze programs will work with Stay NJ — perhaps being folded into a new benefit — must give its recommendations by May 30.

The Legislature needs to finalize the budget by the end of June, so we’ll know more then.

We’ll keep you posted with any updates.

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This story was originally published in February 2024.

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