New Jersey homeowners over the age of 65 will see a significant reduction in their property taxes.
According to the New Jersey State Treasurer, the rebate program for senior homeowners, “Stay NJ,” will begin disbursing rebates starting on the 9th. The state treasurer stated, “Approximately 438,000 homeowners are estimated to be eligible for Stay NJ,” and “Beneficiaries will receive their rebate checks sequentially by mail.”
Stay NJ, which targets New Jersey homeowners over the age of 65 with an annual household income of less than $500,000, will reduce their property taxes by half, with a maximum rebate of $6,500. If the total refund amount through the existing property tax relief programs, ANCHOR and Senior Freeze, is less than half of the annual property tax payment, the remaining difference will be paid under the name of the “Stay New Jersey” program. However, the total refund amount through these three property tax relief programs cannot exceed $6,500.
Refunds through Stay New Jersey will be paid in quarterly installments, and the first installment will be delivered starting on the 9th. The Treasury Department announced that the average first installment of Stay New Jersey to be sent to beneficiaries is $639.
Stay New Jersey refunds being sent this year are for residents who submitted and were approved last year on the “PAS-1,” the Integrated Application for the Property Tax Relief Program for Individuals 65 and Older. If you did not apply last year but submitted the PAS-1 this year, you will be eligible for the benefit starting next year. You can check your individual Stay New Jersey eligibility and refund amount on the state Treasury website (nj.gov/treasury/taxation/staynj/index.shtml).