BillTrack50 logo
Free Signup Login
Bill

Bill > A1047

NJ A1047

NJ A1047
"Homestead School Property Tax Reimbursement Act"; provides State reimbursement for 50% of school property taxes paid by seniors, 65 years and older.

summary

Introduced
01/09/2024
In Committee
01/09/2024
Crossed Over
Passed
Dead
01/12/2026

Introduced Session

2024-2025 Regular Session

Bill Summary

This bill, entitled the "Homestead School Property Tax Reimbursement Act," would reduce the school property tax burden on senior residents of the State who are 65 years or older by 50%. The bill provides a reimbursement for property taxes paid to eligible claimants from the Casino Revenue Fund. The bill phases in eligibility over a three-year period through income limits. For the first year, only seniors with incomes of $35,000 or less would be eligible for the reimbursement. The income limit rises to $75,000 for the second year and there is no income limit for the third year and thereafter. A surviving spouse who is at least 55 years of age also would qualify for the reimbursement. The Director of the Division of Taxation in the Department of the Treasury would be responsible for promulgating application forms for the reimbursement and issuing rules and regulations.

AI Summary

This bill, entitled the "Homestead School Property Tax Reimbursement Act," would reduce the school property tax burden on senior residents of the State who are 65 years or older by 50%. The bill provides a reimbursement for property taxes paid to eligible claimants from the Casino Revenue Fund. The bill phases in eligibility over a three-year period through income limits, starting with a $35,000 income limit in the first year, increasing to $75,000 in the second year, and having no income limit thereafter. A surviving spouse who is at least 55 years of age also would qualify for the reimbursement. The Director of the Division of Taxation in the Department of the Treasury would be responsible for administering the program, including promulgating application forms and issuing rules and regulations.

Committee Categories

Government Affairs

Sponsors (5)

Last Action

Introduced, Referred to Assembly State and Local Government Committee (on 01/09/2024)
(3 Companion Bills)

bill text

bill summary

Loading...

bill summary

Loading...

bill summary

Document Type Source Location
State Bill Page https://www.njleg.state.nj.us/bill-search/2024/A1047
BillText https://pub.njleg.gov/Bills/2024/A1500/1047_I1.HTM
Loading...