NJ State Senator Craig Coughlin Offers StayNJ Proposal To Cut Property Taxes for Most NJ Seniors
In Coughlin’s proposal, he asserts that “Under StayNJ, the state would provide a 50% credit on seniors’ property tax bills, capped at $10,000. Homeowners who are 65 years or older would be eligible for the tax credit on their principal residence, and there is no income limit for eligibility. Payments would be applied directly to tax bills, with benefits starting on January 1, 2025.” This bill is currently under consideration.
According to the NJDCA, Montclair has the ninth highest average property tax bill in the State (i.e. $20,775 yearly average).