A Last-Ditch Effort to Keep Seniors from Leaving NJ: ‘Stay NJ Property Tax Relief’

In response to a senior exodus, the state Legislature passed the Stay NJ Act in 2024, which Gov. Phil Murphy signed into law. It first created a Stay NJ Task Force to determine how to provide property tax relief for senior homeowners and tenants with incomes under $500,000 a year.

With the new law in effect this year, state lawmakers are hoping to keep a dwindling tax base of seniors who have been hit hard by property tax increases of several hundred percent every year.