Bill > A1327

This bill revises the criteria to establish the base year for homestead property tax reimbursement after a person relocates to a new homestead in New Jersey. The key changes are: 1. If the current homestead constitutes new construction, then the base year shall be deemed to be the first full tax year following completion of the new construction. 2. For an eligible claimant who moves to a new homestead after establishing a base year at another homestead, the property tax shall include any amount of the general property tax due and paid for the tax year by the previous owner of the homestead, provided the eligible claimant resides in the homestead on December 31 of the tax year for which the homestead property tax reimbursement is being claimed. 3. The bill also specifies that immediate eligibility for the reimbursement after relocating to a new homestead (without meeting the 3-year residency requirement) shall not apply to tax years commencing prior to January 1, 2023.

Budget and Finance, Business and Industry, Government Affairs

https://www.njleg.state.nj.us/bill-search/2022/A1327