Budget Plan From Sherrill Could Shrink Property Tax Relief Access

Governor Sherrill’s new proposed budget for New Jersey could leave thousands without property tax relief in 2027. Will you be one of those affected? If you are a senior, it is a possibility.

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There are roughly 2.2–2.3 million property owners in New Jersey, according to statistics.

Roughly 600,000–650,000 senior citizens (65+) own property in New Jersey. Seniors head about 827,000 households, with around 75% owner-occupied.

According to a new report from Patch, Seniors could be hit by cuts in property tax relief next year.

According to Patch, "under the proposed budget, the Stay NJ income requirement is cut in half, meaning that the eligible seniors must have an income below $250,000, the same eligibility requirement as the ANCHOR program. Additionally, it lowers the maximum benefit from $6,500 to $4,000."

Assembly Republican Budget Officer Brian Rumpf called Stay NJ “the most significant program for tax savings for seniors in this state.”

According to USAFacts, New Jersey has roughly 1.7 million senior citizens (residents aged 65 and older). That works out to about 18% of the state’s population, or nearly 1 out of every 5 people living in the state.

In the Patch article, Governor Sherrill said, “Stay NJ is a great program – it keeps seniors, so often living on a fixed income, in their homes,” Sherrill said. “But it benefits households that make as much as $500,000 a year. I'm changing that to safeguard Stay NJ for middle-class seniors."

What do you think of this plan? Is this targeting seniors, or is it targeting higher income? Let us know what you think?