Bill
Bill > S1686
NJ S1686
NJ S1686"Homestead School Property Tax Reimbursement Act"; provides State reimbursement for 50% of school property taxes paid by seniors, 65 years and older.
summary
Introduced
02/13/2020
02/13/2020
In Committee
02/13/2020
02/13/2020
Crossed Over
Passed
Dead
01/11/2022
01/11/2022
Introduced Session
2020-2021 Regular Session
Bill Summary
This bill, entitled the "Homestead School Property Tax Reimbursement Act," would reduce the school property tax burden on senior residents of the State who are 65 years or older by 50%. The bill provides a reimbursement for property taxes paid to eligible claimants from the Casino Revenue Fund. The bill phases in eligibility over a three-year period through income limits. For the first year, only seniors with incomes of $35,000 or less would be eligible for the reimbursement. The income limit rises to $75,000 for the second year and there is no income limit for the third year and thereafter. A surviving spouse who is at least 55 years of age also would qualify for the reimbursement. The Director of the Division of Taxation in the Department of the Treasury would be responsible for promulgating application forms for the reimbursement and issuing rules and regulations.
AI Summary
This bill, entitled the "Homestead School Property Tax Reimbursement Act," would reduce the school property tax burden on senior residents of the State who are 65 years or older by 50%. The bill provides a reimbursement for property taxes paid to eligible claimants from the Casino Revenue Fund. The bill phases in eligibility over a three-year period through income limits, starting with seniors with incomes of $35,000 or less in the first year, then rising to $75,000 in the second year, and having no income limit in the third year and thereafter. A surviving spouse who is at least 55 years of age also would qualify for the reimbursement. The Director of the Division of Taxation in the Department of the Treasury would be responsible for administering the program and promulgating application forms and rules and regulations.
Committee Categories
Housing and Urban Affairs
Sponsors (1)
Last Action
Introduced in the Senate, Referred to Senate Community and Urban Affairs Committee (on 02/13/2020)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2020/S1686 |
| BillText | https://www.njleg.state.nj.us/Bills/2020/S2000/1686_I1.HTM |
| Bill | https://www.njleg.state.nj.us/Bills/2020/S2000/1686_I1.PDF |
| BillText | https://www.njleg.state.nj.us/2020/Bills/S2000/1686_I1.HTM |
| Bill | https://www.njleg.state.nj.us/2020/Bills/S2000/1686_I1.PDF |
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