New Jersey Leadership Announces Historic Property Tax Relief for Seniors

Governor Murphy, Speaker Coughlin, Senate President Scutari Commit to Pension Payments, K-12 Education Aid, and Fiscal Surplus in 2024 Budget.

New Jersey Governor Phil Murphy, Assembly Speaker Craig Coughlin, and Senate President Nicholas Scutari have jointly announced an agreement to offer unprecedented property tax relief for New Jersey seniors. 

This agreement comes alongside their shared commitment to making a third consecutive full pension payment, providing record aid for K-12 education, and maintaining a robust fiscal surplus for the 2024 budget to safeguard against potential economic downturns.

Governor Murphy stated, “No one should have to choose between retiring in the place they’ve long called home and their ability to afford to age here,” underscoring the aim to create a more equitable and affordable living environment for New Jersey seniors.

The agreement entails an immediate increase to senior homeowners and renters through the current ANCHOR program while concurrently phasing in Speaker Coughlin's proposed StayNJ property tax relief plan for seniors who need it most.

The revamped plan will include renters and cap income eligibility at $500,000, aiming to offer historic relief while containing costs and maintaining the fiscal responsibility that has prompted seven credit rating upgrades in the last 16 months.

Furthermore, an immediate $250 per year increase in aid through the ANCHOR property tax relief program is planned for both senior homeowners and tenants over the next two years while StayNJ is being implemented. This amendment will boost relief for eligible senior tenants by over 35% to $700 per year, with homeowners receiving $1,250 or $1,750, depending on their income.

To confront any administrative challenges, a commission will be established to make recommendations by May 2024 to implement StayNJ through a singular program and application, with the ultimate goal to halve property taxes for eligible seniors.

To cover the additional $140 million cost expected this year for boosting aid through the ANCHOR program, the leaders have agreed to set aside $100 million, $200 million, and $300 million over the next three fiscal years. This reserved fund will offset the total cost for the first full year of implementing StayNJ in 2026.

This landmark agreement marks an essential step towards creating a more financially secure future for New Jersey's seniors.