Message from Councilman Matt Adams | November 22, 2024

Councilman Matt Adams – November 22, 2024

As part of our goal to make Scotch Plains as affordable as possible, I want to highlight three key state programs designed to save tax money for both homeowners and renters.

We are pleased to join in the promotion of the state’s ANCHOR program, Senior Freeze and the upcoming, planned Stay NJ initiative. It is important that township residents know about every tax-saving programs in place, as well as being created, to make New Jersey more affordable for years to come.

Below are important highlights of each program.

ANCHOR:

The Affordable New Jersey Communities for Homeowners and Renters (ANCHOR) property tax relief program was started in 2022 to update and expand the state’s former Homestead Benefit program. Homeowners and renters who meet income and residency requirements are eligible for property tax relief payments ranging from $450 to $1,500, with seniors eligible for an additional $250 per year. This season’s program covers Tax Year 2021.

I am pleased to note that last season's program made history in New Jersey as the state’s single largest property tax relief initiative, with more than $2.1 billion in benefits distributed to more than 1.8 million homeowners and renters. As the program continues to grow, I strongly encourage all eligible township taxpayers to apply for and, if eligible, receive the property tax relief available through ANCHOR.

The extended deadline to apply for benefits is December 6. Click here to learn more. 

Senior Freeze:

Senior Freeze is another popular state program that reimburses qualified senior citizens and residents with disabilities for property tax increases or mobile home park site fees on primary residences. Vacation or second homes are not eligible.

Here is how it works: Senior Freeze establishes a “base year” in the first year that a resident is eligible. Property taxes are then “frozen” as that resident is reimbursed for subsequent annual increases in property tax bills. For many Scotch Plains residents, this program ensures they can retire here in comfort. To be eligible this year, residents must be age 65 or older on Dec. 31, 2022, or receive Social Security disability payments on Dec. 31, 2022, and also on December 31, 2023.

It is important to note that eligible taxpayers must have owned and lived in your home or leased a site in a mobile home park since Dec. 31, 2019, or earlier. Eligibility also requires that residents are current on 2022 property taxes by June 1, 2023, and all 2023 property taxes by June 1, 2024.

There are also income requirements: $150,000 or less in 2022 and $163,050 or less in 2023. The recent increase in the income cutoff allowed 58,000 more households to qualify. Click here to learn more.

Stay NJ:

The new Stay NJ program promises to be impactful for senior homeowners who want to retire in New Jersey. The tax credit program is designed to cut property tax bills in half, or up to $6,500, for New Jerseyans 65 and older, with benefits being delivered in beginning January 2026. Also, unlike the Senior Freeze program, there is no limit on how long you need to reside in your home so the program allows seniors to down-size and still receive the benefit. 

Under the program and a new streamlined single application process, residents will remain eligible for all three major programs. The new application is set to be delivered to your home by February 2025. You can learn the latest about the Stay NJ roll-out here.

I would like to underscore my appreciation to our state leaders for developing tax-saving programs that help many people in Scotch Plains. All three of these state programs are designed to ensure our residents can continue to live here for as long as they choose, not saddled by increasing property taxes.

These initiatives truly address the local quality of life and I urge all Scotch Plains residents to take the time to learn more about them. All eligible residents need to take full advantage. To learn more about all property tax relief programs, check out the NJ Treasury Property Tax Relief page. 

You can learn more about these programs through the state Division of Taxation, which has a local office at 6 Commerce Drive, 3rd Floor, Suite 300 in Cranford. The office is staffed 8:30 a.m. – 4 p.m. on weekdays.