This bill proposes amendments to the state education property tax and the low- and moderate-income homeowners property tax relief program. It requires the Department of Revenue Administration to receive and deposit revenues from the state education property tax into the education trust fund. The bill also revises the calculation procedures for state education grants and modifies eligibility criteria for tax relief, notably increasing income thresholds for single and married applicants from $37,000 and $47,000 to $65,000 and $77,500, respectively. Furthermore, it mandates that tax bills inform taxpayers about their rights to apply for various forms of tax relief and provides detailed application instructions.

Significant changes to the low- and moderate-income homeowners property tax relief program include adjusting the maximum property value for tax relief from $220,000 to $165,000 and increasing the income limit for full tax relief for single individuals from $23,100 to $27,000, and for heads of household from $29,400 to $39,500. The bill introduces a cap of $1,100 on the maximum tax relief available to any claimant in a fiscal year and establishes a total limit of $30 million for tax relief checks issued annually. Additionally, it mandates annual inflation adjustments for certain amounts and requires the Department of Revenue Administration to mail tax forms to eligible homeowners. A committee is also established to study the program's potential extension to tenants and other related issues, with the act set to take effect on July 1, 2025, for taxable periods ending on or after April 1, 2026.

Statutes affected:
Introduced: 76:3, 76:8, 76:11-a, 198:39, 198:57