With the FY2024 budget, a total of 20 tax cuts for working and middle-class families and seniors have been enacted under the Murphy Administration, including more than $2 billion in direct property tax relief for the second year of the ANCHOR property tax relief program. As the State begins to phase-in the newly enacted StayNJ property tax relief program championed by Assembly Speaker Coughlin, ANCHOR will provide a $250 boost in relief for senior homeowners and renters this year. Eligible senior tenants will now see their relief boosted by more than 55 percent to $700 in the coming year and homeowners will receive $1,250 or $1,750, depending on their income.
The StayNJ senior property tax credit affordability program expands income limits and modifies ownership requirements with the aim of cutting property taxes in half for many eligible New Jersey seniors by providing a direct credit of up to $6,500 on property tax bills when fully implemented.
Additional relief for seniors was also enacted alongside the budget, which will expand eligibility for the Senior Freeze property tax relief program next year for those with incomes up to $150,000, up from roughly $100,000. To further help boost affordability for seniors, the budget and legislation signed alongside it (S3/A3), sponsored by Senator Joseph Vitale and Assemblyman Chris Tully, also increases eligibility for the State’s senior prescription drug and hearing aid programs to help make New Jersey more affordable for individuals of all ages.
In addition to raising the income eligibility limits for the Pharmaceutical Assistance to the Aged and Disabled Program (PAAD) to benefit more seniors, the new law includes a number of directives to encourage enrollment in both PAAD and the Senior Gold Prescription Program, including establishing a grant program in the Department of Human Services to support the hiring and training of Senior Save Navigators to assist residents in applying for programs such as PAAD and Senior Gold.
For working- and middle-class families, the budget delivers significant relief by including the Governor’s proposal to double the Child Tax Credit that was enacted last year. The program will now provide up to $1,000 per child under age six for families earning under $30,000.
For the second year in a row, the budget includes a back-to-school sales tax holiday and waives the fee for entrance into all State parks for another year, including Island Beach State Park. To help boost the ranks of teachers in New Jersey the budget also waives the fee for teacher certification, as proposed by the Governor this year.
For the sixth straight year, the Governor has also promised no fare increases for NJ TRANSIT commuters.
Additionally, the budget continues to increase indirect property tax relief by providing $150 million in Energy Tax Receipts-related payments to extend the Municipal Relief Fund for an additional year, doubling last year’s funding, which is designed to offset the burden on local property taxpayers by providing additional aid to municipalities.
Source: Office of the Governor; Official Site of the State of NJ