Bill
Bill > A5333
NJ A5333
NJ A5333Requires State appropriations for Stay NJ and homestead property tax reimbursement programs and requires annual reporting of Stay NJ program data; establishes Property Tax Relief Program Oversight Committee.
summary
Introduced
02/20/2025
02/20/2025
In Committee
02/20/2025
02/20/2025
Crossed Over
Passed
Dead
Introduced Session
2024-2025 Regular Session
Bill Summary
This bill requires the State to appropriate full funding for the homestead property tax reimbursement program and the Stay NJ Property Tax Relief Program and provides for additional oversight of the State's property tax relief programs. 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 homestead property tax reimbursement program or the Stay NJ property tax credit program is not sufficient to provide the full amount of property tax relief prescribed under these programs 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 of benefits provided 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. Finally, the bill amends current law to require the inclusion of data regarding the distribution of Stay NJ property tax credits to eligible claimants in each municipality as part of the annual property tax data summary prepared by the Division of Local Government Services in the Department of Community Affairs.
AI Summary
This bill establishes comprehensive oversight and funding mechanisms for New Jersey's property tax relief programs, specifically focusing on the Stay NJ and homestead property tax reimbursement programs. The legislation requires the State to fully fund these programs by appropriating additional money from the Property Tax Relief Fund if initial allocations are insufficient to provide the full prescribed tax relief. The bill mandates that the Director of Taxation submit annual reports to the Governor and Legislature detailing the distribution of property tax credits and rebates, including breakdowns by age groups, income brackets, and the number of homeowners and tenants receiving benefits. To enhance program transparency and effectiveness, the bill creates a five-member Property Tax Relief Program Oversight Committee composed of public members appointed by the Governor, Senate President, and Assembly Speaker, who will have expertise in government, finance, and tax policy. This committee will continuously monitor property tax relief programs, issue public reports analyzing their efficacy in reducing property tax burdens, and recommend improvements to administrative processes. Additionally, the bill amends existing law to require the Division of Local Government Services to include data about Stay NJ property tax credits in its annual property tax data summary, ensuring greater public access to information about these tax relief initiatives.
Committee Categories
Government Affairs
Sponsors (1)
Last Action
Introduced, Referred to Assembly State and Local Government Committee (on 02/20/2025)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2024/A5333 |
| BillText | https://pub.njleg.gov/Bills/2024/A5500/5333_I1.HTM |
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