NJ Budget Includes $2 Billion for Property Tax Relief
En español | New Jersey residents pay the nation’s highest property taxes, but older homeowners are on track to get some relief next year thanks in part to advocacy from AARP.
AARP applauds state lawmakers and Gov. Phil Murphy for including more than $2 billion for property tax relief in the budget for the 2025 fiscal year, which began July 1.
The funding includes $220 million for the new Stay NJ program, which when fully implemented will reduce older residents’ property tax bill by 50 percent, up to $6,500 a year.
Residents 65 and older with an annual income of $500,000 or less will be eligible to receive benefits starting in late 2025, pending approval of additional funding in the fiscal year 2026 budget.
The budget continues to fully fund the Senior Freeze program, which reimburses eligible older adults for property tax increases on their primary home, and the ANCHOR program, which provides eligible residents with a property tax rebate of up to $1,750 a year.
AARP has advocated for all three programs as part of our work to help people remain in their homes and communities as they age. High property taxes can prevent older adults from doing so, AARP New Jersey State President Donato Nieman testified before the state budget committee in March. In New Jersey, he said, property taxes average more than $9,800 a year and are rising.
“Property taxes are among the most burdensome to absorb, particularly for older individuals and their families living on fixed, low and moderate incomes,” he said.
AARP is working across the country for laws and policies to help older adults better afford their everyday needs, such as housing, medicine, food and utilities.
Read more about AARP’s budget wins on behalf of older New Jerseyans, and read our New Jersey tax guide for more on state taxes.
Natalie Missakian covers federal and state policy and writes AARP’s Fighting for You Every Day blog. She previously worked as a reporter for the New Haven Register and daily newspapers in Ohio. She has also written for the AARP Bulletin, the Hartford Business Journal and other publications.
Also of Interest:
2 More States Will Stop Taxing Social Security Benefits
6 Ways to Reduce Your Property Taxes
AARP State Tax Guides
