New Jersey Governor Phil Murphy and state legislators are offering incentives to prevent senior residents from moving to low-tax states.
The lawmakers announced a program Wednesday, aptly branded StayNJ, under which residents over age 65 and making less than $500,000, will see property-tax breaks. The levies will either be cut in half or capped at $6,500. The new program will take full effect in 2026, bridged by an extra $250 tax credit provided over the next several years for senior homeowners and renters through the state’s existing Anchor program.
