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
Located in 1226 >Front Desk Resources >Blog Posts
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-Dec-
https://www.nj.gov/treasury/taxation/anchor/forms.shtml
https://www.nj.gov/treasury/taxation/anchor/calculated.shtml