Bill > S476

This bill, titled the "Homestead School Property Tax Reimbursement Act," aims to reduce the school property tax burden for seniors by providing a reimbursement for 50% of the school property taxes paid on their primary residence, known as a "homestead." Eligibility for this reimbursement is phased in over three years, with initial income limits of $35,000 for the first year, increasing to $75,000 for the second year, and no income limit thereafter. The program is open to individuals aged 65 and older, as well as surviving spouses aged 55 and older, who meet the income requirements. The reimbursement payments will be funded by the Casino Revenue Fund, and the Director of the Division of Taxation in the Department of the Treasury is responsible for creating application forms and issuing necessary rules and regulations to administer the program. The bill defines various terms, including "homestead" which can encompass a variety of residential properties like single-family homes, condominiums, and mobile homes, and "school portion of the property tax" which refers specifically to the tax levied for school purposes, excluding interest and penalties.

Housing and Urban Affairs

https://www.njleg.state.nj.us/bill-search/2024/S476