08 Jul We earn $300K. Would we get anything under Stay NJ?

Q. My wife and I earn $300,000 so we don’t get ANCHOR or the Senior Freeze. Would I get anything under Stay NJ?

— Homeowner

A. Yes.

First, though, remember that while the Stay NJ law passed last year, payments don’t kick in until 2026.

And before payouts can be made, it has to be funded in the state budget that will be passed next summer.

The way the law was written, the budget has to fully fund some items, such as pension payouts, and it also has to have a 12% surplus.

The budget that just passed only has a surplus of about 10%.

But if all of those things happen, residents who are 65 and older would get a maximum of either 50% of their property tax bill or $6,500 under Stay NJ.

Those who qualify for ANCHOR and Senior Freeze would get those benefits first, and if it’s less that 50% of their tax bill or $6,500, they would get the difference in the form of a Stay NJ payment bringing their property tax relief total to the maximum allowed.

So you, assuming you’re 65 or older, would get 50% of your tax bill with a maximum of $6,500 if all the conditions to pay out Stay NJ happen.

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This story was originally published in July 2024.

NJMoneyHelp.com presents certain general financial planning principles and advice, but should never be viewed as a substitute for obtaining advice from a personal professional advisor who understands your unique individual circumstances.