Bill > A1170

This bill, titled the "Homestead School Property Tax Reimbursement Act," establishes a program to provide state reimbursement for 50% of school property taxes paid by eligible claimants who are 65 years of age or older and own or lease a homestead, which is defined as their principal residence including various forms of ownership like dwelling houses, mobile home sites, condominiums, and cooperative units. An eligible claimant must also meet certain income limitations, which increase over the first few years the act is in effect. The reimbursement, referred to as "homestead school property tax reimbursement," is calculated based on the school portion of property taxes or site fees paid, and the Director of the Division of Taxation is responsible for administering the program, including processing applications and issuing payments from the Casino Revenue Fund. The bill also outlines conditions for claims when property is jointly owned, allows surviving spouses to continue receiving benefits under certain circumstances, and sets an annual application deadline of December 31, though the Director may waive this requirement. Violations of the act can result in civil and criminal penalties, including suspension or permanent revocation of eligibility.