TRENTON, N.J. (PIX11) – A bill in New Jersey tied to a program designed to cut seniors’ property taxes in half cleared another hurdle in Trenton.
If it’s implemented, StayNJ would give a property tax break of up to $6,500 to seniors 65 and older making under half a million dollars a year.
“It is so important for the senior citizens of New Jersey,” said Assembly Speaker Craig Coughlin, the bill’s sponsor. “Always number one, top of the list is property taxes.”
On Monday, the Senate Budget and Appropriations Committee met to discuss the bill with several recommendations by the StayNJ task force, including streamlining the application process to go alongside ANCHOR and Senior Freeze programs. The bill looks to get seniors to remain in the Garden State, rather than retire in other states with lower property taxes.
“We want them to keep themselves here because they contribute so much to each of their community,” said Coughlin.
The current state budget has $220 million earmarked for the program, which will accept applications starting next year. Coughlin said the state was able to fully fund the school funding formula and the state pension plan, and that this, too, will become reality.