New Jersey Treasury Issues Information on Stay NJ Property Tax Credit Program, Task Force Creation

The New Jersey Department of the Treasury March 14 issued information on the Stay NJ Property Tax Credit Program. The Governor signed the Stay NJ Act into law in July 2023, authorizing the creation of the Stay NJ Task Force. The task force is set up to review all existing property tax relief programs and submit a report by May 30 outlining recommendations for a streamlined program. The program would provide an annual property tax benefit amounting to 50 percent of a homeowner’s property tax bill on their principal residence, for senior citizens with an annual gross income under $500,000, ...