New Jersey Senate Bill 3693/Assembly Bill 4706 was signed into legislation by Gov. Phil Murphy on November 1, 2024.
This legislation has created the new “Stay New Jersey Property Tax Credit Program” which will allow seniors aged 65 and older who earn less than $500,000 per year to receive a credit up to 50% of their property taxes (capped at $6,500), against their property tax bill. The $6,500 maximum credit will also consider any benefits received from the “Senior Freeze Rebate” and “NJ Anchor Benefit” programs for a total overall benefit that will be limited to $6,500.00. In addition, the state will offer a new streamlined application for all three of its property tax programs. The application filing period will be open from February 1 through October 31 for NJ residents each year. Taxpayers must be residents of New Jersey as of December 31 of the benefit year to qualify for the property tax relief programs. The initial “Stay NJ Property Tax Credit” is expected to be received in the first quarter of 2026.
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