TRENTON — New Jersey homeowners 65 and older with income above $200,000 will not qualify for the Stay NJ property tax benefit paid in 2027, after the state budget signed June 30 lowered the program's ceiling from $500,000, the state Division of Taxation said. Seniors must apply by Nov. 2.

For the 2025 tax year, the most a household can receive depends on income: $6,500 for those at $100,000 or less, $5,000 for those above $100,000 up to $150,000, and $4,000 for those above $150,000 up to $200,000. The division said those maximums are annualized and assume the fiscal 2028 budget makes no changes to Stay NJ. The benefit is scheduled to be paid in February and May 2027, and New Jersey 101.5 reported that any installments after that would require more money from lawmakers.

The budget also splits the third-quarter payment still owed for the 2024 tax year into two halves, one in August and one in November. "This change will result in recipients ultimately receiving a lower overall benefit for calendar year 2026," the division said on its Stay NJ webpage.

None of the sources say the budget touched ANCHOR. The division's property tax relief FAQ still lists income limits of $250,000 for homeowners and $150,000 for renters. That means a senior whose income falls just above the new Stay NJ line, but not above $250,000, may still collect ANCHOR, New Jersey 101.5 noted.

To get Stay NJ, the applicant or a spouse must have turned 65 or been older in 2025 and must have owned and occupied the home throughout that year. Married or civil-union couples who live together must add their incomes. People who rent cannot receive the benefit, and neither can those who own mobile homes, the division said.

Gov. Mikie Sherrill had proposed a $250,000 limit, but the Legislature set it lower. New Jersey 101.5 reported that Treasury officials told legislators about 34,000 claimants would be affected by the governor's version, which they estimated would save $88 million. The state has not said how many people will lose the benefit under the final limit.

Seniors apply for Stay NJ, ANCHOR and Senior Freeze on a single form, the PAS-1, which can be filed online or on paper.