Bill > S1756

This bill revises the criteria for establishing the base year for homestead property tax reimbursement after a homeowner relocates. The bill modifies several key provisions related to property tax reimbursement for eligible claimants, primarily seniors and disabled individuals. The changes include allowing an eligible claimant to immediately qualify for tax reimbursement after moving to a new homestead in New Jersey, instead of waiting until the second full tax year. The bill also introduces a new definition of "new construction" for homesteads and clarifies how property taxes are calculated when an eligible claimant moves. Additionally, the bill updates income eligibility limits and provides more flexible rules for determining the base year for property tax calculations. For example, if a homeowner moves to a new property, their base year can now be the first full tax year prior to moving, and if the new homestead is new construction, the base year will be the first full tax year following the completion of the new construction. These changes aim to provide more straightforward and potentially more beneficial property tax reimbursement rules for eligible homeowners in New Jersey.

Budget and Finance, Housing and Urban Affairs

https://www.njleg.state.nj.us/bill-search/2024/S1756