the State's new senior property tax relief program State NJ appears to be a done deal Governor Murphy assembly speaker Coughlin and Senate President scutari wrapped it all in a boat today presenting the final plan it'll cut property taxes in half for residents over age 65 if they make less than five hundred thousand dollars a year but put a sixty five hundred dollar cap on it details are still being ironed out and the full legislature has yet to vote on it if approved though the plan will go into effect in 2026. in the meantime the state says it'll give extra tax relief this year adding another 250 dollar rebate for senior homeowners and renters under the anchor program the plan comes ahead of November's election where all 120 legislators are on the ballot lawmakers from both sides of the aisle have criticized the plan saying it isn't sustainable it's estimated to cost just over a billion dollars and still gives the largest cuts to the wealthiest residents saying Jay will dramatically cut property taxes for 97 percent of New Jersey senior homeowners offering relief to tens of thousands of new jerseyans in our discussions over the last month we've developed a framework that will deliver immediate relief to seniors and Senior homeowners and renters will increase with the increases that the governor outlined to Anchor benefits for seniors immediately [Music]