Six people were appointed to the newly created task force that will put forth recommendations to implement the new Stay NJ property tax relief program, which is designed to cut property tax bills in half for New Jersey’s seniors.
Under the law, which was sponsored by Speaker Craig J. Coughlin and Senate President Nicholas Scutari, and signed by Gov. Phil Murphy as part of the Fiscal Year 2024 budget process, the six-member task force will consist of:
“Dennis Zeveloff has worked to advance my policy agenda since day one of this administration. Aaron Binder has helped manage a $50 billion budget after years overseeing public policy for the Legislature. Dr. Chris Wheeler is an esteemed research economist for the department tasked with overseeing local property taxes,” said the governor. “Cumulatively, the members of this task force bring a wealth of public policy experience to the table, particularly when it comes to the impact property taxes have on our local communities. I have no doubt they will serve the State and our residents well as we work together to make New Jersey a more affordable place to not only raise a family, but to age in place surrounded by our loved ones.”
“Stay NJ will be transformative for all families planning for the future, with historic property tax relief for seniors,” said Speaker Coughlin. “We need to ensure this program launches smoothly with a seamless application process and benefit distribution. That’s why I am pleased to appoint Mayor McCormac to the Stay NJ Task Force. His depth of experience will be invaluable. His service as State Treasurer and his 17 years as Mayor— particularly his innovative initiatives for Woodbridge seniors—make him uniquely qualified for this role.”
“I am pleased to appoint Jessica Cohen and to join with Speaker Coughlin in appointing Plainfield Mayor Adrian Mapp to the Stay NJ Task Force. Jess has spent most of her career working inside state and local government helping to shape responsible policy for the citizens of New Jersey. She has my full confidence in taking on this important responsibility. Mayor Mapp’s extensive government experience and expertise in public finance will be an invaluable asset. He possesses the skills and good judgement needed to help guide the work of the Task Force in coordinating property tax relief efforts for our residents,” said Senate President Scutari. “The work of the Task Force will help ensure the effective implementation of the Stay NJ program that will reduce property taxes for most senior citizens by 50 percent and the integration of the other tax relief programs will help make the lives of homeowners and renters more affordable.”
Under Stay NJ, eligible seniors with a gross income under $500,000 will receive a credit of 50% on the annual property tax bill for their principal residence, up to $6,500.
In order to implement Stay NJ, the task force will review all of the state’s existing property tax relief programs and present a report to the governor and the Legislature, no later than May 30, 2024, containing recommendations on how to restructure and consolidate the various programs into one streamlined property tax relief program for seniors through a singular application, with a target implementation date of January 1, 2026.
The Governor also announced today that David Ridolfino – who retired several years ago as director of the State’s Office of Management and Budget (OMB) after serving the Department of the Treasury for more than three decades – will be employed by the task force as executive director and assisted by staff from the Treasury Department.
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