News Flash

Budgeting

Posted on: June 23, 2023

Governor and Legislature Stay NJ Agreement Reached

Governor Murphy, Assembly Speaker Coughlin, and Senate President Scutari have jointly announced the Stay NJ agreement a property tax relief plan aimed at aiding New Jersey's senior residents. The Stay NJ plan provides a 50% property tax credit for residents over 65 years of age earning less than $500,000 annually beginning in SFY 2026. The credit will be capped at $6,500.

There will also be added property tax relief to the ANCHOR program, which will offer $250 in assistance to homeowners and renters as early as this year for totals of up to $1,500, and renters could receive up to $450,

The cumulative impact of these efforts is a total of $6 billion in property tax relief.

Contact: Andrew LaFevre, Legislative Analyst, alafevre@njlm.org, 609-695-3481, x116.

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