20 Aug When will Stay NJ start paying benefits?

Q. I have a question about the new program to help seniors stay in New Jersey. It will start in 2025 and pay out in 2026. Correct?
— Homeowner

A. The timing is interesting.

And while lawmakers don’t say it, we wouldn’t be surprised if parts of it, including when it starts to pay out, change.

The Stay NJ law, in conjunction with ANCHOR and Senior Freeze, is designed to cut property taxes by up to 50%, capped at $6,500, for senior citizens in New Jersey who earn less than $500,000 a year.

The law determined it would start payouts in 2026, which was supposed to give the state time to figure out how to implement the benefit. That has already started and it will continue through 2025.

There has been some progress, specifically with the recommendations by the Stay NJ Task Force released earlier this summer.

But there’s still a lot of coordination to do, not to mention funding. Lawmakers added some more money in the budget passed earlier this summer to fund Stay NJ, but nowhere near enough.

That’s why we expect there to be big fights next spring, when lawmakers and the governor start to negotiate the next budget. Stay NJ, without a doubt, will be a big part of the discussions.

We’ll keep an eye on all the progress — or not — as we get closer to those important budget talks.

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This story was originally published in August 2024.

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