Property Tax Relief Changes Abound In New NJ Budget

New Jersey’s newly adopted $60.7 billion budget keeps the Stay NJ property tax relief program intact but tightens the income limits: seniors earning up to $100,000 qualify for the full $6,500 benefit, while those earning above $200,000 are cut out entirely. The changes trim the program’s cost from over $1.2 billion to around $742 million, and while Governor Sherrill is calling it the largest property tax relief in state history, AARP New Jersey says it falls short of what seniors were promised.