New Jersey’s Stay NJ property tax relief program has been restructured under the state’s newly signed $60.7 billion budget — and for many seniors, the changes mean a smaller benefit than originally promised.
The budget, which has since been signed into law after initially passing in June, includes significant modifications to Stay NJ, the program that promises to cut eligible senior homeowners’ property tax bills in half. Overall program costs drop from $1.2 billion to $742 million due to lower income limits and reduced award sizes for higher-earning seniors, according to the New Jersey Monitor.
Under the revised structure, benefits now vary by income:
- Seniors earning $100,000 or less remain eligible for the maximum benefit of $6,500
- Seniors earning between $100,001 and $150,000 can receive up to $5,000
- Seniors earning between $150,001 and $200,000 can receive up to $4,000
Previously, the program offered up to $6,500 for any senior earning up to $500,000. The income cap has now been cut to $200,000.
Assembly Speaker Craig Coughlin, who championed Stay NJ, defended the changes in an interview with New Jersey Monitor. “I’m particularly pleased of where we ended up on Stay NJ,” he said. “It’s a myth that everybody’s leaving the state of New Jersey. The only group that is is senior citizens, and we’re making sure that they can rely on this going forward.”
The broader budget allocates more than $4.1 billion in total property tax relief—$2.186 billion for ANCHOR, $756 million for Stay NJ, and $345 million for Senior Freeze.
Note: The official Stay NJ page still reflects the old program details and has not yet been updated to reflect the budget changes. The 2025 application deadline is November 2, 2026.
The New Jersey Digest is a new jersey magazine that has chronicled daily life in the Garden State for over 10 years.