PHILADELPHIA (KYW Newsradio) — New Jersey legislative leaders have agreed to a property tax cut for senior citizens as part of a budget deal. If signed into law, the initiative won’t be in full effect for three more years, but immediate tax relief will be available in the meantime.
“We are working to build a fairer and stronger New Jersey that is affordable,” said Gov. Phil Murphy, announcing details of the property tax relief proposal known as StayNJ.
He said residents over the age of 65 who make less than $500,000 annually will see their property taxes cut in half. That benefit is capped at $6,500 every year, and it won’t be in full effect until 2026.
Meanwhile, Murphy said, homeowners and renters who make up to $150,000 a year will get an extra $250 annually over the next three years.
A commission is expected to be established on how to run StayNJ.
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