Bill > A3915

This bill amends existing law to allow certain individuals who have previously qualified for homestead property tax reimbursements to continue receiving them even if they move to a new home of equal or lesser value within the same municipality, provided the new home is not newly constructed. Specifically, it changes the "base year," which is the year used to calculate property tax reimbursements, for these individuals. Previously, if an eligible claimant moved, their base year would be the first full tax year in the new home, with a minimum effective date of January 1, 2009. This bill allows the base year to be the tax year immediately preceding the move into the new homestead within the same municipality, with a minimum effective date of January 1, 2014, and also allows eligible claimants who move to a new homestead of equal or lesser value within the same municipality to qualify for reimbursement in the first full tax year after the move, rather than the second, with a minimum effective date of January 1, 2015. These changes aim to provide continued tax relief for long-term residents who relocate within their community.