Bill > A270

This bill, titled the "Homestead School Property Tax Reimbursement Act," aims to provide financial relief to senior citizens by reimbursing them for 50% of their school property taxes paid on their primary residence, known as a "homestead." An "eligible claimant" is defined as someone 65 years or older who owns or leases the site of their manufactured or mobile home, and whose income is subject to a three-year phase-in: $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 application forms and necessary regulations. The bill also clarifies what constitutes a homestead, including various forms of ownership like condominiums, cooperatives, and mobile homes, and specifies that the reimbursement is for the "school portion of the property tax," excluding interest and penalties.