Did you Know NJ Seniors Will Get Their Property Taxes Cut?

[NJCher]

By 50% in some cases, and in others they can get a reduction of $6500. If you have an income of $500,000, you're not eligible and you have to pay full freight.

snip

New Jersey Governor Phil Murphy and Democratic Leaders in the state legislature have reached a compromise over a substantial property tax cut for seniors in New Jersey. The proposal would cut taxes in half for most people 65 years or older – up to a maximum of $6,500. The governor says the state would set aside funds for the next two years and enact the cut in 2025.

snip

Here's Governor Murphy discussing it:

https://www.wnyc.org/story/week-politics-governor-murphy-and-dem-leaders-agree-senior-tax-cut-new-jersey

5" audio.

[jimfields33]

1. My friends in jersey pay over 24K a year for property taxes.

In 20 years I bet they will be thrilled for some relief. Good on New Jersey to help seniors.

[GenXer47]

2. aren't seniors hoarding the real estate?

Isn't this why a young, 2-earner couple can't possibly afford to buy a house and start a family?
And isn't it seniors who have spent the last half century burning gasoline as if the dinosaurs and all their ferns rotted into oil, just for them?
Deference to the elderly, the "village elders" is predicated on them leaving the campsite better, or at least as good, as they found it.
Look into the sky today, breathe the smoke, and tell me that it's so.

[TheRealNorth]

3. That's a good question...

Does this only apply to primary residences? What about Snow Birds that spend half the year in FL? And finally, how does this help Senior renters, who need more help then the home owners. And then there are the Seniors in assisted living and nursing homes.

Sounds like just more of the same old, same old- upper and upper- middle income Boomers and Gen x'rs cutting their taxes because they can.

[IbogaProject]

5. More of a publicity stunt than actual relief.

This will require filing to get it as a rebate after they are paid. And they are crowing about something that won't pay a cent until over 30 months from now.

[NJCher]

7. it's primary residences only

Senior renters get relief from Gov. Murphy's Anchor program. They get a substantial amount back on this program.

Assisted living and nursing homes I don't know about.

[c-rational]

4. You make some very good points. I would only disagree with the hoarding part. Many seniors

are property rich and cash poor. Also, most people follow the crowd so to speak and this has led us to ur environmental problems. That is where electing the proper politicians and enacting correct laws come in, i.e. true leadership. Time for some actual policy wonks to put forth rational solutions vs. letting the money class rule all.

[NJCher]

6. NY & NJ

Isn't this why a young, 2-earner couple can't possibly afford to buy a house and start a family?

No. Most of the seniors have left for places like PA, DE, FL. This property tax break is way overdue. NY has had theirs for over 20 years, as I understand it from a NY-er friend.

Furthermore, the real reason they can't afford to buy a house here is Manhattan. When Manhattanites decide to start a family, they come out here and a $750k ranch looks like a bargain. But the real reason they come here is the schools. They can get the equivalent of a private school education plus what they consider a deal on housing--2 in 1.

As far as your other points, I won't address them because they are painted with such broad strokes that I don't see the point in answering them.

[cliffside]

8. Keeping an eye on this as well ...

https://www.njspotlightnews.org/2023/09/what-you-need-to-know-about-njs-property-tax-relief-programs/

Have not looked into these programs for first time home buyers yet, for anyone interested.

https://nj.gov/dca/hmfa/roadhome/

[NJCher]

9. thanks for those posts

because I forgot all about this!
The year 2026 is a long time to wait, but I do appreciate that the funds are substantial and they need to "bank up" in order to deliver.

[cliffside]

10. You're welcome and thx for posting, next date to watch in May ...

hopefully this will come into play in 2026!

https://www.nj.gov/governor/news/news/562023/20231204a.shtml#:~:text=Under%20Stay%20NJ%2C%20eligible%20seniors,principal%20residence%2C%20up%20to%20%246%2C500.

"In order to implement Stay NJ, the task force will review all of the State’s existing property tax relief programs and present a report to the Governor and the Legislature, no later than May 30, 2024, containing recommendations on how to restructure and consolidate the various programs into one streamlined property tax relief program for seniors through a singular application, with a target implementation date of January 1, 2026."