Stay NJ Property Tax Benefits for Homeowners
As the new year begins, many older homeowners are curious about when they can access their Stay NJ property tax benefits.
It’s important to remember, though, that not everyone will qualify.
So, here’s a quick breakdown:
Stay NJ, now in its inaugural year, aims to cut property taxes for homeowners aged 65 and older, as well as those who receive Social Security disability benefits. The maximum reduction can reach $6,500.
Unfortunately, renters do not qualify for these benefits.
The Stay NJ program coordinates with other benefits like ANCHOR and Senior Freeze, which are calculated before determining the Stay NJ benefit.
For 2024, the ANCHOR benefit is set at $1,750 for seniors whose incomes are $150,000 or less, and $1,250 for those earning between $150,011 and $250,000.
Senior Freeze benefits are a bit more complex. They depend on how long the senior has participated in the program and the increase in their property taxes over time. To be eligible, your gross annual income needs to be under $168,268 in 2024 and $163,050 in 2023.
Most taxpayers saw these payments in 2024, although others are still awaiting processing as the tax office reviews applications. In mid-December, the state reported that it had distributed over $1.784 billion in benefits to more than 1.632 million residents via anchor payments alone.
To find out how much you’re eligible for with Stay NJ, add your amounts from Senior Freeze and ANCHOR. If that total falls below 50% of your property tax bill (capped at $6,500), you can expect extra payments from Stay NJ to cover the difference.
If you haven’t received a “decision letter” from the state by fall, which outlines the amounts for Senior Freeze, ANCHOR, and Stay NJ, it might be worth checking. If you still have questions or need help with the calculations, you could try the Stay NJ calculator.
Now, the big question: when can you expect to see the money?
According to spokesperson Daniel Curry, “Stay New Jersey benefits are slated to start being issued in mid-February.” Payments will be rolled out gradually.
This means it might take several weeks for everyone to receive their payments.
Some taxpayers are wondering whether they’ll be paid via check or direct deposit. However, if you’ve received ANCHOR payments, that method may also apply to your Stay NJ funds.
A tool similar to the one used for ANCHOR is in the works, allowing people to check their Stay NJ benefits. Although it’s not available yet, once it is, you can visit nj.gov/finance/taxation/staynj and look for the big blue box labeled “Check Reward Status.”
We’ll provide an update once this tool is ready to use.
If you haven’t yet received your ANCHOR benefit, you may contact the state website for assistance or call the ANCHOR hotline at (888) 238-1233.
We understand that reaching someone on the hotline can be challenging, so consider seeking help directly. Regional help center locations are available, and while reservations aren’t necessary, they can be made through the state website.
