New Jersey's StayNJ Program: Not Enough to Keep Seniors from Moving Out

New Jersey has some of the highest property taxes in the country, and seniors are particularly hard-hit by these costs. In response, the state created the StayNJ program, which provides a tax credit to homeowners age 65 and older with an annual income of $500,000 or less. The credit is equal to half of the homeowner's property tax bill, up to a maximum of $6,500.

However, the StayNJ program is not enough to keep seniors from moving out of New Jersey. The breaks are not large enough, they don't go into effect until 2026, and there are other factors that are driving seniors out of the state.

In this article, I will argue that the StayNJ program is not enough to keep seniors from moving out of New Jersey. I will discuss the reasons why the breaks are not enough, and I will suggest some ways that New Jersey could improve the program.

The StayNJ Program

The StayNJ program was created in 2017 to help seniors stay in their homes as they age. The program provides a tax credit to homeowners age 65 and older with an annual income of $500,000 or less. The credit is equal to half of the homeowner's property tax bill, up to a maximum of $6,500.

The StayNJ program is a good start, but it doesn't go far enough. Many seniors still struggle to pay their property taxes, even with the tax credit. This is because the maximum credit amount is not very large, and the program does not take into account the rising cost of property taxes.

Why the StayNJ Program Is Not Enough

There are several reasons why the StayNJ program is not enough to keep seniors from moving out of New Jersey. First, the maximum tax credit amount is not very large. The median property tax bill in New Jersey is $8,700, so even with the tax credit, many seniors will still struggle to pay their property taxes.

Second, the program does not take into account the rising cost of property taxes. Property taxes in New Jersey have been rising steadily in recent years, and this trend is expected to continue. This means that the tax credit will become less and less effective over time.

Third, there are other factors that are driving seniors out of New Jersey. These factors include the high cost of living, the state's taxes on retirement income, and the state's budget crisis.

How to Improve the StayNJ Program

There are several ways that New Jersey could improve the StayNJ program. One way would be to increase the maximum tax credit amount. Another way would be to make the program more progressive, so that seniors with lower incomes receive a larger tax credit.

New Jersey could also consider creating a new program that provides a tax credit to all seniors, regardless of their income. This would help to ensure that all seniors can stay in their homes as they age.

In conclusion, the StayNJ program is not enough to keep seniors from moving out of New Jersey. The program needs to be improved in order to be effective. I urge New Jersey lawmakers to consider improving the StayNJ program or creating a new program that provides more property tax breaks for seniors.