Bill > S497

This bill, titled the "Homestead School Property Tax Reimbursement Act," establishes a program to provide state reimbursement for half of the school property taxes paid by eligible seniors, defined as individuals aged 65 or older who own or lease a homestead (their principal residence, which can include a dwelling house, mobile home site, condominium, or cooperative unit) and meet certain income limitations that increase over the first few years the act is in effect. The reimbursement, known as "homestead school property tax reimbursement," is calculated as 50% of the school portion of property taxes or site fees paid, and it will be administered by the Director of the Division of Taxation, with payments issued annually by July 15th, funded by the Casino Revenue Fund. The bill also outlines application procedures, including an annual deadline of December 31st, and specifies that surviving spouses aged 55 or older may also be eligible for the reimbursement under certain conditions, while also detailing provisions for shared ownership and prohibiting claims on more than one homestead per year, with penalties for violations.