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Bill > A5089

NJ A5089

NJ A5089
Prohibits homestead property tax rebates and credits and ANCHOR property tax benefits from being paid to property owners who move out of State.

summary

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

Introduced Session

2024-2025 Regular Session

Bill Summary

This bill would prohibit a person from receiving a homestead rebate or credit, or a property tax benefit under the ANCHOR Property Tax Relief Program, during any calendar year in which the person is not a resident of the State. Currently, the property tax benefits authorized under the "Homestead Property Tax Credit Act" are issued through the ANCHOR Property Tax Relief Program. Under this program, property tax rebates are issued to eligible claimants based on property taxes paid in a previous calendar year. To receive an ANCHOR property tax rebate, a person is only required to be a State resident during the calendar year for which the rebate is issued, provided that the person also meets all other eligibility requirements. This bill requires the recipient of a ANCHOR property tax rebate to be a State resident during the calendar year in which the rebate is paid, as well as the calendar year for which the rebate is issued. This requirement would apply to any homestead rebate or credit authorized under the "Homestead Property Tax Credit Act," including benefits issued under the ANCHOR Property Tax Relief Program.

AI Summary

This bill modifies New Jersey's homestead property tax rebate and credit program by adding a new requirement that limits property tax benefits under the ANCHOR (Affordable, Natural, Clean, Healthy, Orderly, Reasoned) Property Tax Relief Program to only those who are residents of New Jersey in the calendar year when the rebate or credit is to be paid. Currently, property owners only need to be state residents during the tax year for which the rebate is calculated, but this bill would require continued residency in the year the rebate is actually distributed. The bill applies to all homestead rebates and credits, including those issued through the ANCHOR program, and effectively prevents property owners who have moved out of New Jersey from receiving property tax relief for that year. This change means that if a homeowner leaves the state, they would forfeit their property tax rebate or credit for the year of their departure, even if they were a resident during the previous tax year when the property taxes were originally paid. The bill will take effect on the January 1st following its enactment.

Committee Categories

Government Affairs

Sponsors (1)

Last Action

Introduced, Referred to Assembly State and Local Government Committee (on 12/12/2024)

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Document Type Source Location
State Bill Page https://www.njleg.state.nj.us/bill-search/2024/A5089
BillText https://pub.njleg.gov/Bills/2024/A5500/5089_I1.HTM
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