Bill > S91

This bill, titled the "Homestead School Property Tax Reimbursement Act," aims to reduce the school property tax burden for senior citizens by providing a reimbursement for 50% of the school property taxes paid on their primary residence, known as a "homestead." To qualify, individuals must be 65 years or older, own or lease a qualifying homestead, and meet certain income limits that phase in over three years: $35,000 or less in the first year, $75,000 or less in the second year, and no income limit thereafter. Surviving spouses aged 55 and older who remain in the same homestead also qualify. The reimbursements will be funded from the Casino Revenue Fund, and the Director of the Division of Taxation in the Department of the Treasury is responsible for creating the necessary application forms and rules. The bill defines various terms, including "homestead" which encompasses a wide range of residential properties, and "school portion of the property tax" which refers specifically to the school tax levy. The reimbursement is calculated as half of the school property tax paid, and it will not be reduced by other property tax deductions. Applications are due annually by December 31st, and eligible claimants must report any changes in their status or homestead that might affect their eligibility. The Director will administer the program, sending out payments by July 15th of the following year, and penalties will apply for violations.

Housing and Urban Affairs

https://www.njleg.state.nj.us/bill-search/2026/S91