Imagine a New Jersey where residents could live and thrive in the homes and communities they’ve lovingly built over the course of their lives without the financial pinch of New Jersey’s high property taxes, now averaging nearly $10,000 a year. Imagine a New Jersey where seniors can either stay in their homes or choose to downsize without having to leave the state — and continue to benefit from our property-tax reimbursement programs.
This vision can become a reality by fully funding the Stay NJ program. As we approach discussions on the fiscal year 2026 budget, it is crucial to support this vital initiative, which provides property-tax relief to homeowners aged 65 and older. Stay NJ reimburses 50% of eligible older homeowners’ property-tax bills, up to a maximum of $6,500.
The importance of fully funding Stay NJ cannot be overstated. We all contribute to the growth and prosperity of New Jersey. We raise families, build businesses, and enrich our communities in countless ways. We must do all we can to make New Jersey an affordable place to age surrounded by familiar faces and places. Ensuring that older residents can afford to stay in their homes free from the burden of rising property taxes is not just a financial necessity; it is a commitment to the well-being and dignity of our neighbors.
The benefits of fully funding Stay NJ extend beyond individual households. When we can afford to stay in our homes, we continue to contribute to the local economy. New Jersey’s 50-plus population creates outsize economic impact and will drive economic growth for the next 30 years. In 2018, the 50-plus population accounted for 37% of New Jersey’s population yet contributed 44% — or $263 billion — of the state’s total gross domestic product. The purchasing power of New Jersey’s 50-plus population will generate tax revenue for decades to come. In 2018, the market activities of people 50-plus supported $26 billion in state and local taxes, 39% of New Jersey’s total. Older New Jerseyans shop at neighborhood stores, dine at local restaurants and participate in community events. The presence of our seniors enriches our communities and fosters a sense of continuity and stability.
As speaker of the General Assembly, I have made providing property tax relief a key priority for our state’s residents. New Jersey has made great strides in the past few years, with the highly successful launch of the Anchor program. The January 2026 implementation of Stay NJ, combined with the already-existing Senior Freeze and Anchor programs, will continue to be essential property tax relief for New Jersey’s older residents and critical to their desire and ability to stay in the homes and communities where they have built their lives. Stay NJ also provides opportunities to improve the property tax relief landscape and process in New Jersey.
AARP New Jersey’s research shows the very real need for Stay NJ. A survey found that 78% of New Jersey voters aged 50 and older prioritize lowering property taxes. Nearly 2 in 5 respondents face challenges in paying their property taxes each month, with more than half paying at least $9,000 annually. These figures underscore the financial strain on our older residents, many of whom live on fixed incomes. New Jersey is home to nearly 1.7 million Social Security beneficiaries with an average Social Security income of $20,500 per year.
As speaker, I continue to focus on kitchen table issues that affect everyday New Jerseyans such as higher utility bills and food prices that increase economic pressure. We must do something to help combat rising costs. And Stay NJ is an important tool in that effort.
Fully funding Stay NJ in the fiscal year 2026 budget is a clear demonstration of our values as an age-friendly state. I thank Gov. Murphy for proposing a budget that fully funds Stay NJ. Now it’s up to both houses of the Legislature to pass a budget that will provide this much-needed relief.
It is a testament to our commitment to creating a New Jersey where everyone can thrive. It is so much more than numbers on a balance sheet. It is about people — our parents, grandparents, neighbors and friends. It is about ensuring that we can continue to live in the communities we helped build and the communities where we volunteer at the local food pantries or local Elks, substitute teach and provide child care assistance. To put it simply: Fully funding Stay NJ will allow countless people to stay in New Jersey.