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Once your eligibility is confirmed, your Stay NJ benefit is based on 50% of the property taxes billed on your primary residence, up to a maximum of $13,000 in property taxes. With a maximum benefit of $6,500.
50% of Property Taxes: The Stay NJ benefit is 50% of your property taxes, but the total Stay NJ benefit cannot exceed $6,500.
Example 1: If your property taxes are $10,000, you would receive a benefit of $5,000 (50% of $10,000).
Example 2: If your property taxes are $14,000, you would receive the maximum benefit of $6,500 (because 50% of your property taxes would be higher than the maximum benefit allowed).
What if I am also eligible for Senior Freeze (PTR) and ANCHOR?
If you qualify for Senior Freeze (PTR) and ANCHOR, we first calculate the benefits you will receive from those programs. If the sum of the Senior Freeze and ANCHOR amount is less than 50% of your property taxes ($6,500 max), your Stay NJ amount will be the difference between 50% of the property taxes billed and the benefits you already received with the ANCHOR and Senior Freeze programs.
If the sum of your ANCHOR and Senior Freeze benefit is more than 50% of the property taxes billed , your combined Senior Freeze and ANCHOR is the greater benefit for you and you will not receive any additional amount from Stay NJ.
If the combined total of your Senior Freeze and ANCHOR benefits is less than $6,500 (or 50% of your property taxes):
Stay NJ will provide a benefit to bring the total benefits up to $6,500, but only if 50% of your property taxes is less than $6,500. For example, if your Senior Freeze and ANCHOR benefits total $4,000, and 50% of your property taxes is $5,000, Stay NJ would provide a check for $1,000 to bring the total to $5,000.
If the combined total of your Senior Freeze and ANCHOR benefits exceeds $6,500:
You will not receive anything from Stay NJ because your Senior Freeze and ANCHOR benefits have already exceeded the $6,500 total. In this case, Stay NJ will not be applied.
You will receive a determination letter outlining the exact amounts you are eligible to receive for each program.