Bill > A5332

Introduced Session

This bill requires the State to appropriate full funding for the Affordable New Jersey Communities for Homeowners and Renters (ANCHOR) Property Tax Relief Program and provide for additional oversight of the State's property tax relief programs. The ANCHOR Property Tax Relief Program provides rebates to offset property tax bills for eligible homeowners and tenants who are residents of New Jersey. The bill requires the State to appropriate additional State moneys from the Property Tax Relief Fund to the Department of the Treasury in any fiscal year in which the amount appropriated for the ANCHOR Property Tax Relief Program is not sufficient to provide the full amount of property tax relief prescribed for this program in accordance with current law. The bill also requires the Director of the Division of Taxation in the Department of the Treasury to submit annual reports to the Governor and the Legislature regarding the total amount expended, and the number of homeowners who receive property tax relief credits, rebates, and reimbursements through the State's property tax relief programs. The report would also include information on the distribution of property tax credits and rebates to senior citizen and non-senior citizen homeowners and tenants and by income bracket. The bill establishes a five-member Property Tax Relief Program Oversight Committee in, but not of, the Department of the Treasury. The bill requires the committee to conduct ongoing monitoring of the State's property tax relief programs. The bill directs the committee to issue reports regarding the efficacy of the State's property tax relief programs in reducing the property tax burden of homeowners in the State and make recommendations to improve the administrative efficiency of the State's property tax relief programs.

AI Summary

Committee Categories

Heather Simmons (D)*, 

Introduced, Referred to Assembly Housing Committee (on 02/20/2025)

Official Document