After weeks of negotiations, New Jersey legislative leaders have reached a budget deal that includes the StayNJ initiative, a property tax cut for seniors proposed by Assembly Speaker Craig Coughlin, and also addresses concerns raised by Governor Murphy, ensuring caps and qualifications on eligibility.
The program is expected to cost around $1.3 billion and will have a focus on “equity.” Both senior homeowners and renters will receive a $250 credit this year and next year. The new plan consolidates StayNJ into a single program and sets a cap on incomes at $500,000. The overall payout will be lowered to $6,500.
The deal aims to implement the program by the first quarter of 2026, providing seniors a guaranteed 50% off their property tax bills.
The agreement also expands the Senior Freeze program, increasing the income limit to $150,000 and reducing the residency requirement to three years.