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Bill > ACR34
NJ ACR34
NJ ACR34Proposes constitutional amendment to grant certain senior citizens property tax credit equal to 50 percent of property tax bill on primary residence.
summary
Introduced
01/09/2024
01/09/2024
In Committee
01/09/2024
01/09/2024
Crossed Over
Passed
Dead
Introduced Session
2024-2025 Regular Session
Bill Summary
If approved by the voters of the State, this proposed constitutional amendment would require the Legislature to enact a law establishing the Stay NJ program, to provide an annual property tax credit in the amount of 50 percent of the property tax due and owing for the principal residence of any eligible claimant who is a resident of this State, age 65 or older. The purpose of this amendment is to enshrine in the New Jersey Constitution real and permanent property tax relief for the State's senior citizen population. There would be no income restriction limiting eligibility to receive a Stay NJ property tax credit. The maximum amount to be credited to an eligible claimant would be $10,000 per tax year. The surviving spouse of a deceased resident of this State who during his or her life received a Stay NJ property tax credit, would be entitled to receive the same Stay NJ property tax credit, upon the same conditions, with respect to the same principal residence, as long as the surviving spouse does not remarry, remains a resident in the same homestead with respect to which the Stay NJ property tax credit was granted, and is at least 65 years of age.
AI Summary
This joint resolution proposes a constitutional amendment to create the Stay NJ property tax credit program, which would provide senior citizens aged 65 and older with an annual property tax credit equal to 50 percent of their property tax bill on their primary residence, not to exceed $10,000 per year. The amendment would require the Legislature to enact a law establishing this program without any income restrictions, ensuring that eligible seniors can receive the tax credit regardless of their income level. Additionally, the resolution stipulates that the credit would be paid directly by the state to the municipality where the residence is located, and that a surviving spouse can continue to receive the credit under specific conditions, such as remaining in the same home, not remarrying, and being at least 65 years old. If approved by voters, this amendment aims to provide significant property tax relief for New Jersey's senior citizen population, with the final decision to be made through a public referendum at a general election.
Committee Categories
Health and Social Services
Sponsors (2)
Last Action
Introduced, Referred to Assembly Aging and Human Services Committee (on 01/09/2024)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2024/ACR34 |
| BillText | https://pub.njleg.gov/Bills/2024/ACR/34_I1.HTM |
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