Bill > S1756

This bill revises the criteria for determining the "base year," which is the tax year used to calculate homestead property tax reimbursements, particularly for individuals who relocate. It clarifies that if an eligible claimant moves to a new homestead, their base year will be the first full tax year *prior to* the year they begin residing in the new home, and if the new homestead is new construction, the base year will be the first full tax year *after* its completion. The bill also specifies that if a claimant did not occupy their current homestead in their established base year but occupied a different one, the reimbursement will be based on the property taxes assessed on the current homestead for that claimant's base year, even if they weren't living there at the time, provided they reside there on December 31st of the tax year for which the reimbursement is claimed. Furthermore, it clarifies that for eligible claimants who move, immediate eligibility for reimbursement in the new homestead is granted, rather than requiring a waiting period, but this immediate eligibility will not apply to tax years before the effective date of this bill.

Budget and Finance, Housing and Urban Affairs

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