Bill > A3127

Introduced Session

This bill amends the Fiscal Year 2024 annual appropriations act to extend ANCHOR Property Tax Relief Program (ANCHOR Program) eligibility to residences on which a homestead owner or tenant made one or more payments in lieu of taxes to the municipality in which the residence is located. Currently, the Fiscal Year 2024 annual appropriations act does not expressly grant eligibility for the property tax benefit under the ANCHOR program to homestead owners and tenants who made payments in lieu of taxes. However, as implemented by the Division of Taxation in the Department of the Treasury, tenants who lived in rental units that operate under a payment in lieu of tax agreement with their municipality are eligible for the property tax benefit under the ANCHOR program in Fiscal Year 2024. This bill would amend the Fiscal Year 2024 annual appropriations act to provide that both homestead owners and renters who made payments in lieu of taxes are eligible for the ANCHOR benefit. The bill requires eligible homestead owners and residents to submit an application to the Division of Taxation in the Department of the Treasury no later than March 1, 2024 in order to be eligible for the 2020 property tax benefit under the ANCHOR Program.

AI Summary

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Craig Coughlin (D)*,  Yvonne Lopez (D)*,  Sterley Stanley (D)*, 

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

Official Document