New Jersey Wants YOU to Stay!
Our state recognizes that it is expensive to live anywhere. It is especially difficult as people age and live on fixed incomes. But New Jersey wants us to stay. Therefore, they have created programs to help with property taxes and make living in New Jersey more affordable.
While these programs have eligibility requirements, they are more generous than most people expect!
But what are these benefit programs, and how can they help you?
The ANCHOR Program provides tax relief to residents who own or rent property in the state. Eligibility is based on residency, income, and age. A detailed list of eligibility requirements for the ANCHOR Program can be found at: https://www.nj.gov/treasury/taxation/anchor/eligibility.shtml
Senior Freeze works by effectively capping your property taxes or mobile home site fees at the amount you paid during the first year you meet all the program requirements. The program qualifications concern home ownership status, property tax increases, total income, and age or disability status. To see the full list of eligibility requirements, visit: https://www.nj.gov/treasury/taxation/ptr/eligibility.shtml
Stay NJ incentivizes seniors to remain in the state after retirement by providing a credit on property taxes to eligible residents. This program’s creation was a part of the Stay NJ Act which amended the ANCHOR and Senior Freeze tax benefit programs and raised the income limit for the new program. To qualify for this benefit, an applicant must own a home in New Jersey as their primary residence, make less than $500,000 a year, and be at least 65 years old as of July 1, 2024. Those interested should note that due to its 2026 start date, the program is prorated, as participants will only be eligible for only half of the first year.
Can you qualify for multiple benefits in one year?
Before 2026, an applicant can receive both ANCHOR and Senior Freeze benefits in the same year, so long as they meet the requirements for both programs.
With the implementation of the Stay NJ program in 2026, there will be a consolidated application for all three programs. This application is projected to be open from February 1st to October 1st of 2025 (note that while the application will be open during 2025, candidates will not receive benefits until the second half of the 2026 fiscal year). Since applicants will be applying for all three programs at once, there will be an automatic benefit calculation and comparison for all three programs. Under this new system, candidates will either receive Stay NJ benefits, or ANCHOR+Senior Freeze. If the combined ANCHOR and Senior Freeze benefits are higher, they will receive the benefits by either check or direct deposit. If the calculated Stay NJ benefit is higher, they will receive the benefit in the form of quarterly tax credits.
These different programs present eligible NJ residents with different opportunities to make living in the state more affordable. For more information or to see which of these programs benefit you the most, please visit The Paton Law Firm, LLC’s website at https://www.patonlawfirm.com/.
Sources:
https://www.nj.gov/treasury/taxation/ptr/index.shtml https://www.nj.gov/treasury/taxation/ptr/hoamount.shtml https://www.nj.gov/treasury/taxation/ptr/printform.shtml https://www.nj.gov/treasury/staynj/documents/StayNJFinalTaskForceReport-c75.pdf
https://www.nj.gov/treasury/staynj/documents/Stay-NJ-Public-Meeting-Overview-Dec20-2023.pptx https://www.nj.gov/treasury/taxation/anchor/forms.shtml https://www.nj.gov/treasury/taxation/anchor/calculated.shtml
