During the Assembly Aging and Senior Services Committee hearing on June 8, Assembly Speaker Craig Coughlin testified before the committee on the “Stay NJ Act” proposal. Assembly Speaker Coughlin highlighted the importance of recognizing seniors as valuable residents and emphasized the State’s responsibility to assist them, ensuring that high property taxes do not force them to leave New Jersey. The bill received mixed reviews from the Committee members but was, release from the committee with five members in favor and one member opposed.
The Stay NJ Act is aimed at providing property tax relief to senior citizens, allowing them to affordably stay in their homes. Eligible claimants who are 65 years or older and own a primary residence in New Jersey will receive a property tax credit equal to 50 % of their property tax due. With the committee amendments, the bill now includes a household income threshold of $150,000. The maximum credit per tax year still remains at $10,000. The monies from the Stay NJ property tax credit will be distributed quarterly directly to municipalities. A dedicated Stay NJ account will be created to manage program funds. For more information on the Stay NJ program please see our recent post.
Governor Murphy continues to publicly oppose the State NJ property tax program.
Contact: Andrew LaFevre, Legislative Analyst, alafevre@njlm.org, 609-695-3481, x116.