New Jersey Gov. Mikie Sherrill (D) said Tuesday she wants to scale back the state’s new property tax relief program for senior citizens to help close a $3 billion structural deficit, laying out a conservative spending plan in her first budget address since entering office in January.
Sherrill proposed $2 billion in spending reductions, the largest of which would come from shrinking the size and eligibility of the Stay NJ tax benefit for homeowners age 65 or older who make below $500,000. The governor’s fiscal 2027 budget plan would lower the qualifying income threshold to $250,000 and reduce ...