Bill > S2716

Introduced Session

This bill would increase the income eligibility limits for the homestead property tax reimbursement program, also commonly known as the senior and disabled citizens' property tax freeze program, to $160,000 beginning in tax year 2021. The homestead property tax reimbursement program provides certain senior and disabled homeowners a reimbursement of any annual increase in property taxes above the amount of the tax liability for the year in which the homeowner became eligible for the program. The program applies to anyone who:? is 65 or more years of age, or who is a disabled person;? is an owner of a homestead or leases a site in a mobile home park on which site the person owns a manufactured or mobile home;? has an annual income below the amount specified in the law governing the program; and? has paid property taxes directly, or through rent, on any homestead or rental unit used as a principal residence in this State for at least 10 consecutive years, at least three of which were as owner of the homestead for which a reimbursement is first sought, or after moving to another homestead in New Jersey, in the full second tax year after moving. Under the bill, the income eligibility limits for the program will increase to $160,000 in tax year 2021 for single claimants and for married couples. The income limit for tax year 2020 was $92,969. This increase in the income limits will allow additional citizens to benefit from the program, which effectively holds qualified participants harmless from property tax increases on their homestead after establishing their "base year" liability for the tax.

Committee Categories

Kristin Corrado (R)*,  Jim Holzapfel (R)*, 

Introduced in the Senate, Referred to Senate Community and Urban Affairs Committee (on 02/15/2024)

Official Document