NJ S3312

Expands Stay NJ property tax credit eligibility to include New Jersey residents age 65+ who relocate from one homestead to another within the state during the tax year, provided they maintain ownership of a homestead continuously throughout that year.

Currently, residents who move between homes during the tax year are disqualified from the Stay NJ program; this bill removes that barrier for in-state relocations.

The Stay NJ credit for relocating claimants would be calculated based on property taxes paid during the portion of the year each homestead was owned and occupied as principal residence.

The Stay NJ program provides eligible seniors a credit of 50% of property taxes paid, up to $6,500 for tax year 2026, with annual increases tied to average residential property tax bill growth.

Eligibility requirements remain unchanged: claimant must be 65+ years old, a New Jersey resident, and have income below $500,000 in the prior tax year.