New Jersey proposal could reduce senior property tax relief

"Stay NJ is a great program, but (the adjustments) will target more relief to low- and middle-income senior renters. That's a fairer, more efficient use of taxpayer money."

"(Proposed cuts) are the difference between staying in their homes or being forced to move. It's critical that the program does not reduce the annual benefit and continues to provide meaningful relief while keeping the promise made to the people counting on it."

"A senior homeowner paying $15,000 in annual property taxes, if eligible under the new rules, would lose $2,500 in savings. Someone with a $9,000 tax bill would see relief drop by $500."

New Jersey's property tax relief proposal aims to restructure the Stay NJ program amid average property tax bills exceeding $10,000 for the second consecutive year. The proposal would lower the income eligibility cap to $250,000 from $500,000 and reduce maximum combined benefits from $6,500 to $4,000 across Stay NJ, ANCHOR, and Senior Freeze programs. State officials argue this shift targets relief more fairly toward low- and middle-income senior renters. However, senior advocates warn the reductions could force some homeowners to relocate. Despite cuts, approximately 90% of current eligible homeowners would retain some benefit level. A senior paying $15,000 in annual property taxes could lose $2,500 in savings under the new rules.

Read at www.housingwire.com