![]() The New York Times wrote that it would be “one of the largest tax cuts in state history.” ![]() Murphy said the program will be “challenging and difficult” to implement because of how much it will cost the state, but he promises to get it done. The agreement in New Jersey would cut property taxes in half for seniors up to a maximum discount of $6,500, provided their income is under $500,000. Hawaii Alaska Florida South Carolina Georgia Alabama North Carolina Tennessee RI Rhode Island CT Connecticut MA Massachusetts Maine NH New Hampshire VT Vermont New York NJ New Jersey DE Delaware MD Maryland West Virginia Ohio Michigan Arizona Nevada Utah Colorado New Mexico South Dakota Iowa Indiana Illinois Minnesota Wisconsin Missouri Louisiana Virginia DC Washington DC Idaho California North Dakota Washington Oregon Montana Wyoming Nebraska Kansas Oklahoma Pennsylvania Kentucky Mississippi Arkansas Texas See Rates Lower property taxes for seniors The New Jersey plan - which still needs approval from the state’s Democrat-controlled legislative bodies - is notable not only because average property taxes in the state are over $9,500 a year for single-family homes, but also due to the fact that it’s a tax credit, versus many other states which have exemptions. states have laws that can reduce what seniors owe in property taxes. According to the Institute on Taxation and Economic Policy, more than half of U.S. While property taxes are generally levied by local governments, it’s common for states to provide tax breaks to seniors. Other states including Iowa and Washington have added or increased property tax breaks for seniors in recent months. Phil Murphy announced a deal last week to cut property taxes for eligible homeowners by up to $6,500. ![]() It won’t take full effect until 2026, but Gov. New Jersey, where homeowners pay the highest property taxes in the nation, just became the latest state to announce a tax break for homeowners 65 and older. Property taxes can be a serious burden on seniors who own homes and aren’t earning as much income, but a number of states are working to lower the bills for older residents - sometimes by thousands of dollars. ![]()
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