Bill > S2148

This bill revises the criteria to establish the base year for homestead property tax reimbursement after a homeowner relocates to a new property in New Jersey. The key changes are: (1) the base year will be the first full tax year prior to the year the person resides in the new homestead, even if the person did not occupy the current homestead in the base year; (2) if the current homestead is new construction, the base year will be deemed to be the first full tax year following completion of the new construction; and (3) immediate eligibility for reimbursement after a move to another homestead will apply to tax years commencing on or after January 1, 2021, rather than January 1, 2010. The bill aims to provide a more equitable approach for homeowners who relocate within the state.

Budget and Finance, Housing and Urban Affairs

https://www.njleg.state.nj.us/bill-search/2022/S2148