The bill amends Section 1 of P.L.1997, c.348 (C.54:4-8.67) concerning definitions related to homestead property tax reimbursement in New Jersey. Key definitions are clarified, including "base year," which establishes the tax year for eligible claimants based on their status as of December 31, 1997, or the year they first become eligible. The bill specifies that for those who move from their initial homestead, the base year will be the first full tax year in the new homestead, with certain limitations on eligibility for tax years prior to January 1, 2009. Additionally, it defines "homestead," "eligible claimant," and other terms relevant to the property tax reimbursement process, ensuring that the definitions align with current housing and tax regulations.

The bill also updates income eligibility limits for claimants, allowing for adjustments in subsequent tax years. Specifically, it sets income thresholds for various tax years, including a limit of $150,000 for the year 2022. The language clarifies the types of properties that qualify as homesteads and the conditions under which individuals can claim property tax reimbursements. The act is set to take effect immediately upon approval, which occurred on March 6, 2025.

Statutes affected:
Introduced: 54:4-8.67
Advance Law: 54:4-8.67
Pamphlet Law: 54:4-8.67