This bill amends the criteria for establishing the base year for homestead property tax reimbursement in New Jersey, particularly after an eligible claimant relocates. Under current law, when a claimant moves to a new homestead, the base year is set as the first full tax year in which they reside in that new home, and they must wait an additional tax year to qualify for reimbursement. The proposed changes allow claimants to retain their eligibility immediately after moving, enabling them to qualify for reimbursement without the waiting period. The reimbursement payment will be based on the property taxes assessed on the new homestead for the tax year prior to their residency in that home.

Additionally, the bill specifies that if the new homestead is classified as new construction—defined as a property that first became taxable during the year the claimant moves in or the year before—the base year will be the first full tax year following the completion of that construction. This revision aims to streamline the process for eligible claimants and ensure they can access property tax reimbursements more readily after relocating.

Statutes affected:
Introduced: 54:4-8.67