The bill revises the Stay NJ property tax benefit program, incorporating recommendations from the Stay NJ Task Force. It defines "ANCHOR" as the Affordable New Jersey Communities for Homeowners and Renters Property Tax Relief Program and updates eligibility criteria, requiring claimants to be at least 65 years old by December 31, 2024, with a gross income of less than $500,000. The bill establishes a property tax credit program that offers a credit of 50% of the property tax billed to the claimant's principal residence, capped at $6,500 for tax year 2026, with annual adjustments based on property tax increases. It also mandates the creation of a single combined application form for the Stay NJ property tax credit, ANCHOR property tax rebate, and homestead property tax reimbursement, which must be available by February 1, 2025.

Additionally, the bill introduces a structured distribution schedule for property tax benefits, allowing for payments through checks, direct deposits, or as credits against property tax bills. It modifies the application timeline for the homestead property tax reimbursement program and clarifies eligibility criteria, including residency requirements. The bill also establishes a dedicated account for property tax benefits for seniors, outlines the formation of the Stay NJ Task Force to streamline property tax relief, and ensures that funding for these programs does not interfere with other constitutional obligations. Overall, the bill aims to enhance the efficiency and accessibility of property tax relief for eligible claimants, particularly senior citizens.

Statutes affected:
Introduced: 54:4-8.75, 54:4-8.57, 54:4-8.58, 54:4-8.67, 54:4-8.70, 54:4-8.71, 47:1B-3, 54A:3A-17, 54A:3A-19