Stay NJ

What is Stay NJ and who should apply?

The Stay NJ Program 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.

What benefits are available?

Eligible seniors will receive a benefit equal to 50% of the property taxes on their primary residence up to the amount of $6,500. The Stay NJ program will be implemented for the fiscal year of 2026, and will be compared to a candidate’s combined ANCHOR and Senior Freeze benefits and will receive whichever amount is higher.

How does the application process work and can someone qualify for multiple benefit programs?

The Stay NJ program application is scheduled to be open from February 1 to October 1 of 2025 and will be a consolidated version of the Stay NJ, ANCHOR, and Senior Freeze programs, so applicants will be filing for all three programs at once. If the calculated Stay NJ benefit is higher, they will receive the benefit in the form of quarterly tax credits. If the combined ANCHOR and Senior Freeze benefits are higher, they will receive the benefit by either check or direct deposit.

Additional Information:

Stay NJ relies on other budget items receiving funding before receiving funding itself. To fund Stay NJ, K-12 education, pensions, and veteran and senior tax deductions must receive funding first and there must be a 12% budget surplus.

Additionally, potential applicants should note that Stay NJ payments begin in the second half of 2026, so the maximum benefit an applicant can receive would be half of the $6,500 benefit cap, or $3,250, paid in the form of two quarterly property tax credits of $1,625. For questions and additional information, please visit https://www.nj.gov/treasury/staynj/

Sources:

https://www.nj.gov/treasury/staynj/documents/StayNJFinalTaskForceReport-c75.pdf
https://www.nj.gov/treasury/staynj/documents/Stay-NJ-Public-Meeting-Overview-Dec-20-2023.pptx