“The issue with me, are my taxes. My taxes are more than my mortgage,” Trenton resident Amini Sabaru told the Assembly Aging and Senior Services Committee Thursday. She was one of many advocates who turned out to talk about cutting property taxes for older New Jersey residents.
In New Jersey, the average property-tax bill is $9,500 per year. That’s a real burden on seniors struggling to get by on fixed incomes, says Assembly Speaker Craig Coughlin, and why he proposed “StayNJ,” a plan to cut property taxes in half for seniors. “They’re scared that they’ll have to move from their children, their grandchildren, their friends, their doctors — the places they call home,” he said.
“When it comes to actually leaving, a large majority — 83% — say they will likely do so,” Evelyn Liebman of AARP told the committee. The organization supports “Stay NJ.” “It’s a bold approach to addressing the property tax burden for older New Jersey residents and it will make a real difference in people’s lives and make New Jersey a better place to grow up and grow old.”
The program would give residents age 65 and older a 50% credit on property-tax bills for their main residence, capped at $10,000 and with no income limit on eligibility. Payments would go straight to municipal tax collectors, beginning January of 2025.
But the omission of renters from the program concerns advocates and lawmakers. “The only concern I have is the lack of an income cap and exclusion of renters…,” said Assemblywoman Mila Jasey. “It’s a huge concern,” added New Jersey Policy Perspective analyst Peter Chen. “Over half of Black and Hispanic seniors are renters, who’d be entirely left out of this proposal,” Chen said.
Gov. Phil Murphy has opposed “StayNJ,” in part because of the cost and the lack of income limits. So on Thursday Coughlinamended his bill: “Stay NJ” would stay the same but he would expand the “Senior Freeze” property-tax aid program to include upgrades favored by Murphy— like a higher income cap and shorter residency requirement.
