PHILADELPHIA (KYW News Radio) – Lawmakers in New Jersey approved property tax cuts for seniors as part of a budget deal.
The budget pact is expected to save up to $6,500 annually in taxes, making it one of the largest tax cuts in New Jersey history
New Jersey’s property taxes are among the highest in the country, a fact often cited by older residents who choose to sell their homes to downsize or move out of state. But on Wednesday Democratic lawmakers worked with the governor to announce a final agreement on a sweeping plan to cut these taxes for nearly all homeowners over the age of 65. If enacted, the initiative would not go into full effect for three years but would provide immediate tax relief in the meantime.
Homeowners and renters with annual incomes up to $150,000 will receive an additional $250 per year for the next three years
Most senior homeowners will cut their property tax burden in half, benefiting up to $6,500. The deal has not yet been approved as part of a $53 billion budget bill due on July 1, but it is believed likely that it will pass the Democratic-led Congress. Under the program, known as StayNJ, homeowners over the age of 65 and earning less than $500,000 a year will be eligible for tax breaks beginning in January 2026. Under the program, known as StayNJ, homeowners over the age of 65 and earning less than $500,000 a year will be eligible for tax breaks beginning in January 2026.