making life more
affordable for seniors
Senator Vin Gopal (Long Branch) has introduced two bills to the Senate aimed at helping New Jersey seniors. S1 establishes the ‘Stay NJ’ senior property tax credit program which will grant every senior up to $6,500 in relief, giving them the freedom to stay in the communities they built. S2 eliminates the Medicare Savings Program asset test requirement and will save seniors an average of $2,200 per year.
“As someone with elderly parents, advocating for their needs is at the forefront of my mind. Today, too many seniors are leaving the state because of rising costs. Senator Gopal has taken action to save seniors’ money and put it back in their pockets,” said Assembly Candidate and running mate of Gopal’s, Luanne Peterpaul, Esq. “I am proud to be running with someone who is fighting to make Monmouth County more affordable, especially for seniors who have spent their lives making our community strong and want to stay here into retirement.”
S1 and S2 were introduced to the Senate Budget and Appropriations Committee on June 5th and are currently waiting for votes in Committee. If passed, they will be sent to the Senate floor for a full vote.
What is staynj?
Strengthens ANCHOR Benefits
- Senior homeowners will receive between $1,250 and $1,750, up from $1,000 and $1,500 respectively
- If your annual income is <$150,000, you will receive $1,750
- If your annual income is between $150,000 and $200,000, you will receive $1,500
- Senior renters will receive $700, up from $450, if annual income is under $150,000
Enhances Senior Freeze
- StayNJ enhances Senior Freeze with a $150,000 income threshold and three-year residency requirement
Groundbreaking Tax Relief
- Eligible senior homeowners’ will receive half-off local property taxes, up to $6,500 of relief annually!
- To be eligible, senior homeowners must have annual gross income no higher than $500,000.
- The $6,500 maximum benefit will increase annually to keep up with statewide property tax increases and inflation
- The property tax credit for senior homeowners will officially begin in January 2026
- Applications will open in Summer/Fall 2025.