UPDATE To STAY NJ – We Shall See In January 2026!
Back in June, we blogged about the early rumblings of a bill to be passed which would increase property tax savings to Seniors living in New Jersey. Billed as “Stay NJ”, it was purported that Senior homeowners and renters (aged 65 and older) could see reductions in their property tax bills up to $6,500 for incomes up to $500,000.
If Governor Murphy and the NJ Legislature did not come to a spending plan agreement by July 1, 2023, the state government would have shut down. Thankfully, on June 30, 2023, Governor Phil Murphy signed the $54.3 billion budget plan for New Jersey. One aspect of the plan was the approval of “Stay NJ”. The final approved bill A1AcaAca(2R) can be found here. The bill establishes the Stay NJ tax credit program, established a Stay NJ Task Force, expands the income limit and modifies the ownership requirement for eligibility to receive homestead property tax reimbursement, and enhances ANCHOR benefits for seniors (more on ANCHOR here). Eligible Seniors would be able to take advantage of Stay NJ, the ANCHOR program, and the Senior Freeze benefits at the same time through a single application process.
Assemblyman Craig Coughlin (District 19) championed the Stay NJ bill and urged that the bill was, in part, a way of showing gratitude to New Jersey’s senior population. Assemblyman Paul Moriarty stated that “A 50% property tax cut is literally life-changing for so many New Jerseyans…Between Stay NJ and the ANCHOR tax rebate, we’ve made some great progress in making our state more affordable, and we’re just getting started!” The plan is expected to be fully implemented for a January 2026 start date.
The detractors of the bill include the National Federation of Independent Business which released a statement decrying the bill for failing to include tax assistance for commercial businesses: “The New Jersey Legislature passed and delivered its $54.3 billion SFY 2024 Budget to Governor Murphy to sign by midnight, avoiding a government shutdown. The budget includes expanding property tax relief to provide meaningful tax credits for all senior citizens with incomes under $500,000. Regrettably, the ‘Stay-NJ’ property tax plan does not include similar tax credits for commercial businesses, the drivers of municipal property tax revenue.”
The program now has a website that can be accessed here, but it appears fairly new and devoid of any substantive information as of now, although you are able to submit your information to stay updated on more details regarding the program. Details on the plan could be subject to change depending on the state budget and the outcome of the elections this November. We shall see in January 2026 how the chips fall…