20 Mar Has the Stay NJ benefit changed?

Q. I’m confused. I thought Stay NJ was $6,500 for people who make less than $500,000. Did that change?
— Homeowner

A. Not yet, but it probably will.

The benefits that have been going out are for the 2024 benefit year.

And if you look closely at the application that was made available for the 2025 benefits, it says that the benefit amounts and eligibility are subject to change based on whatever action is taken by the Legislature as part of the state budget, which is due July 1.

The negotiating has already begun.

To review, the 2024 eligibility rules say you need to be 65 or older by the end of the benefit year, and you must have lived in and owned a home in New Jersey for the full 12 months of that year. You also need to have income below $500,000.

The benefit, coupled with ANCHOR and the Senior Freeze, would pay up to 50% of your property tax bill to a maximum of $6,500.

The state would first determine your ANCHOR payment, then add that to your Senior Freeze amount. If that’s less than 50% of your property tax bill, capped at $6,500, you would receive another payment under the Stay NJ name.

Now, the expected changes.

Gov. Mikie Sherrill recommended lowering the income cap to $250,000, and also lowering the total benefit to 50% of your property tax bill, but with a lower maximum of $4,000, as one of several spending cuts needed so the state can pay its bills.

That’s the starting point, at least, for the current negotiations. We’ll stay on top of it and let you know about where they land on the next benefit year’s eligibility and payment amounts.

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This story was originally published in March 2026. 

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