New Jersey Tries to Woo Florida-Bound Seniors With Tax Break

New Jersey Governor Phil Murphy and state legislators are offering incentives to prevent senior residents from moving to low-tax states.

The lawmakers announced a program Wednesday, aptly branded StayNJ, under which residents over age 65 and making less than $500,000, will see property-tax breaks. The levies will either be cut in half or capped at $6,500. The new program will take full effect in 2026, bridged by an extra $250 tax credit provided over the next several years for senior homeowners and renters through the state’s existing Anchor program.

The initiative is designed to discourage older New Jerseyans from ...