Bill > S1490

Introduced Session

This bill would transform the homestead property tax reimbursement program, commonly known as the senior freeze program, from a reimbursement program into a credit program for most eligible homeowners. Currently, eligible seniors and disabled persons may apply for a senior freeze benefit that reimburses them for any property tax increases paid in the prior tax year over and above the amount of property taxes paid in the applicable base year. This bill would allow most of these eligible homeowners to realize these savings in the form of a credit directly applied to reduce the payable amount for their third and fourth quarter property tax bills for the current tax year. Eligible homeowners who reside in a unit in a cooperative, mutual housing corporation, or continuing care retirement community, and who do not pay property taxes directly to the municipality, would receive a rebate payment instead of a credit directly applied to the applicable property tax bill. These rebates would be paid during the current tax year for which the senior freeze benefit is sought so that these homeowners also do not have to wait until the next year to receive their senior freeze benefit.

Committee Categories

Vin Gopal (D)*,  Shirley Turner (D)*,  Patrick Diegnan (D),  Gordon Johnson (D),  Teresa Ruiz (D),  Brian Stack (D), 

Introduced in the Senate, Referred to Senate Budget and Appropriations Committee (on 01/09/2024)

Official Document