Agreement Reached on StayNJ Property Tax Relief Program

Gov. Phil Murphy, alongside Assembly Speaker Craig Coughlin, and Senate President Nick Scutari, today announced that an agreement was reached on the StayNJ property tax relief program for seniors.

The governor said that through StayNJ, residents over age 65 would see their property taxes cut in half if they are making under $500,000 a year. That benefit is capped at $6,500.

The program, which Murphy himself said will be challenging and difficult to ultimately implement, would not take full effect until 2026.

In the interim, Murphy said that immediate property tax relief from the ANCHOR Program will provide an additional $250 for both senior homeowners and senior renters. The administration’s current budget proposal calls for funding the ANCHOR Program for a second year, which would mean that senior homeowners would get direct payments of $1,750, while senior renters would get $700. 

“This is a historic investment,” Murphy said. “We have provided more property tax relief than any governor and legislature in our state’s history.”

“StayNJ will dramatically cut property taxes for 97% of New Jersey senior homeowners, offering relief to tens of thousands of New Jerseyans,” said Coughlin. “While seniors’ burdens are eased over the next couple of years, we will build the foundation for improved, streamlined, long-term relief with StayNJ.” 

Republicans argue that funding for the program may be impossible, and could ultimately lead to StayNJ falling apart altogether.

“If StayNJ is really affordable and sustainable and something New Jerseyans should expect to provide relief for years to come, why make them wait three years to get a first payment?” asked Senator Joe Pennacchio (R-26). “The Democrats’ dark secret is that the flood of federal COVID cash is drying up. They can’t guarantee they’ll be able to fund the program they’re promising today in 2026, even though they’ll campaign on it this fall. It’s completely disingenuous and it defies belief.”

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