Attention New Jersey residents: Your Stay NJ property tax benefits are on their way! The state has announced that payments will be mailed out on Monday, February 9th. Unlike the ANCHOR payment, all eligible homeowners will receive their Stay NJ benefits by paper check. However, don't expect them all to arrive at the same time. The state explains that payments will be sent out on a rolling basis, so it might take several weeks or more for all benefits to be processed and mailed. The Treasury Department estimates that approximately 438,000 homeowners are approved to receive the first installment of Stay NJ, with an average payment of $639. You can check the status of your benefit on the Treasury website by visiting nj.gov/treasury/taxation/staynj and looking for the big blue box that says 'Check Benefit Status'. This will tell you whether your benefit is processing or approved, and if approved, you'll also see the first installment amount, the expected payment date, and your eligibility for ANCHOR and/or Senior Freeze. The Stay NJ benefit is designed to work alongside ANCHOR and the Senior Freeze to halve property taxes, capping them at $6,500 for New Jersey homeowners aged 65 and older, as well as those receiving disability benefits from Social Security. If your ANCHOR and Senior Freeze benefits fall short of half your property tax bill, you'll receive an additional payment under the Stay NJ program. For further assistance, you can call the state's hotline at (888) 238-1233 or visit a regional help center for in-person support. Remember, if you haven't received your 'determination letter' detailing your benefits, you can use the Stay NJ calculator to estimate your benefits. Don't hesitate to reach out if you have any questions!
