NJ has the highest property tax rate in the country and in July 2023, New Jersey embarked on a mission to ease the burden of property taxes for its senior residents. A fresh law was inked, promising property tax relief to senior citizens, slashing property taxes for seniors by 50% up to $6,500 in savings per year! Today, we delve deep into the details. What will this new law look like, who will it help and how will this affect the real estate market in NJ? And the burning question remains: Can these promised property tax cuts ever truly come to fruition?
In this video I dissect the recent property tax relief legislation for senior citizens in New Jersey called StayNJ. Our guiding light for this exploration is a comprehensive article from NJ.com and NJ.gov , and we’re about to extract the essential takeaways.
Please subscribe for updates as I continue to follow the implementation of this tax relief program.
Here are the articles used for this video: