Discover Your Savings Potential with the Stay NJ Property Tax Break Calculator
New Jersey has introduced significant changes to its property tax relief programs in 2024. Homeowners and renters can now utilize the Stay NJ Property Tax Break Calculator to evaluate their potential tax benefits. This online tool is especially tailored for specific groups, including senior homeowners aged 65 and older, as well as homeowners receiving Social Security Disability payments.
Understanding the Stay NJ Property Tax Break Calculator
The Stay NJ calculator estimates benefits from three major programs:
- ANCHOR
- Senior Freeze
- Stay NJ
To use the calculator, participants must input their projected 2024 income and their current property tax amount. The tool will then provide an estimate of the benefits they may receive under each program.
Expected Benefits
Upon entering the relevant information, homeowners can expect a breakdown of their potential annual benefits:
- ANCHOR Benefit
- Senior Freeze Benefit
- Stay NJ Benefit
- Total Annual Benefit
The results can help individuals plan their finances more effectively, especially in light of recent fiscal changes aimed at aiding New Jersey residents.
Who Developed the Calculator?
The Stay NJ Property Tax Break Calculator was developed by a dedicated team from Stevens Institute of Technology, which includes Rishi Kandagadla, Zidanni Clerigo, and Chinli Ong. Their goal is to simplify the process for those eligible for assistance.
As this program unfolds, residents are encouraged to take advantage of the resources available. Utilizing the calculator can provide clarity on potential benefits and enhance understanding of the property tax relief options in New Jersey.
Privacy Assurance
The calculator honors user privacy. Information entered will remain confidential and will not be stored. Participants can feel secure knowing their personal data is protected while using this valuable tool.
