Bill > S3693

This bill revises statutes implementing certain property tax relief programs pursuant to recommendations promulgated by the Stay NJ Task Force. The key provisions include: - Establishing the "ANCHOR" (Affordable New Jersey Communities for Homeowners and Renters) property tax relief program, which provides a property tax credit to eligible senior citizen homeowners with incomes under $500,000. - Allowing the Director of the Division of Taxation to determine the amount of ANCHOR rebates, homestead property tax reimbursements, and Stay NJ property tax credits that eligible claimants are entitled to receive, with ANCHOR rebates being paid first, followed by homestead reimbursements, and then Stay NJ credits up to a maximum amount. - Requiring the director to promulgate a combined single application form for the ANCHOR, homestead, and Stay NJ programs, and setting deadlines and procedures for filing and processing those applications. - Appropriating funds from a dedicated account to support the Stay NJ property tax credit program starting in fiscal year 2026. - Requiring the Stay NJ Task Force to continue meeting quarterly to assist in implementing the property tax credit programs.

Budget and Finance

https://www.njleg.state.nj.us/bill-search/2024/S3693