The first quarterly benefits checks are on the way to eligible senior homeowners through the long-awaited Stay NJ program. Meanwhile, the Department of the Treasury has begun distributing postcards and paper application booklets to more than 660,000 households that may be eligible for the next round. Here’s how it works.
What’s Stay NJ?
Stay NJ is a state-funded property tax relief program for homeowners aged 65 and over who earn less than $500,000 in annual income. This is the first year Stay NJ benefits are being distributed. Stay NJ was named for its intention to help seniors remain in their homes, rather than move out of state to escape New Jersey’s highest-in-the-nation property taxes.
Who’s getting first-quarter benefits?
This month, an estimated 430,000 qualified homeowners are receiving a first quarterly installment, via paper checks, with an average quarterly benefit of $637.
How are benefits calculated?
The state formula considers each taxpayer’s property tax bill, as well as eligibility for two other state-funded property tax relief programs, Anchor and Senior Freeze. In theory, Stay NJ will reimburse up to 50% of eligible applicants’ annual property tax bills, so long as those entitled to Anchor and/or Senior Freeze haven’t hit that limit. The Stay NJ formula caps the property tax bill at $13,000, and it caps the benefit at $6,500.
When will the next payment drop?
A second quarterly benefit is scheduled for mid-May.
How do I apply?
The application deadline has passed for this year’s February and May quarterly Stay NJ installments. However, the Department of the Treasury has begun distributing postcards and paper application booklets to more than 660,000 households that may be eligible for the next round. That’s contingent, though, on Gov. Mikie Sherrill and lawmakers allocating enough funding in the next state budget to continue the Stay NJ program in its current form beyond the current fiscal year. More information about Stay NJ and other relief programs is available here.
Source: New Jersey Department of the Treasury, Division of Taxation
This story is made possible in part by the Corporation for Public Broadcasting, a private corporation funded by the American people.
We’re in this together.
For a better-informed future.
Support our nonprofit newsroom.
