Huge tax cuts for the senior citizens of New Jersey

Screenshot from NJ on Property Tax Relief (Source: CBS News)

Lawmakers of New Jersey Drafting for Tax Cuts for the Senior Citizens

Based on the news released by CBS New York, lawmakers mostly from top Democratic have brainstormed about an initial deal that would make the majority of senior citizens from New Jersey have their property taxes cut in half.

According to a recent moving company survey and census data, most of the senior citizens are moving out of the state because of the high-priced rents and property taxes. A Clark resident stated that there is nothing left, so he was thinking about leaving. Another Clark resident named Diane said that the rents and property taxes are just really expensive and they do not receive any raise from their pension.

Senate president of New Jersey told CBS2, that he along with the other top Democrats who are in control of the Legislature together with Gov. Phil Murphy, have agreed in making a revised plan to bring property tax relief to senior citizens in the state. Anyone making less than $500,000 is qualified for 50% less of their property tax, a maximum credit of $6500.

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STAYNJ Program Rules Revision

The program called STAYNJ was described by many as a program benefiting the wealthy. But Democrats will be revising to a new rule, senior citizens aged 65 and over earning $500,000 and more will not be eligible.

Republican Senator Holly Schepisi said that seniors need a leap of the plan which will be implemented by the year 2026. The next governor has to figure out how to sustain the funding of the said program, this would cost a huge budgetary on the state.

Senior citizens who are counted as eligible in the plan could get an additional $250 aside from the benefits they are receiving from other programs and/or relief such as ANCHOR and Senior Freeze. The Senior Citizens Council of Union County representative said that all of the programs must be revisited to align the programs so that there will be no overlapping with the other programs.

Scutari says that they will make sure that there will be enough sustainable resources to fund the implementation of the program.

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