Bill
Bill > A3201
NJ A3201
NJ A3201"Homestead School Property Tax Reimbursement Act"; provides State reimbursement for 50% of school property taxes paid by seniors, 65 years and older.
summary
Introduced
02/22/2016
02/22/2016
In Committee
02/22/2016
02/22/2016
Crossed Over
Passed
Dead
01/08/2018
01/08/2018
Introduced Session
2016-2017 Regular Session
Bill Summary
This bill, entitled the "Homestead School Property Tax Reimbursement Act," would reduce the school property tax burden on senior residents of the State who are 65 years or older by 50%. The bill provides a reimbursement for property taxes paid to eligible claimants from the Casino Revenue Fund. The bill phases in eligibility over a three-year period through income limits. For the first year, only seniors with incomes of $35,000 or less would be eligible for the reimbursement. The income limit rises to $75,000 for the second year and there is no income limit for the third year and thereafter. A surviving spouse who is at least 55 years of age also would qualify for the reimbursement. The Director of the Division of Taxation in the Department of the Treasury would be responsible for promulgating application forms for the reimbursement and issuing rules and regulations.
AI Summary
This bill, entitled the "Homestead School Property Tax Reimbursement Act," would reduce the school property tax burden on senior residents of the State who are 65 years or older by 50%. The bill provides a reimbursement for property taxes paid to eligible claimants from the Casino Revenue Fund. The bill phases in eligibility over a three-year period through income limits, starting at $35,000 and increasing to $75,000 in the second year, with no income limit thereafter. A surviving spouse who is at least 55 years of age also would qualify for the reimbursement. The Director of the Division of Taxation would be responsible for administering the program, including promulgating application forms and issuing rules and regulations.
Committee Categories
Housing and Urban Affairs
Sponsors (5)
Last Action
Introduced, Referred to Assembly Housing and Community Development Committee (on 02/22/2016)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| BillText | https://www.njleg.state.nj.us/2016/Bills/A3500/3201_I1.HTM |
| Bill | https://www.njleg.state.nj.us/2016/Bills/A3500/3201_I1.PDF |
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