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 under $500,000. The bill establishes a property tax credit program that offers a credit of 50% of property taxes billed on the claimant's principal residence, capped at $6,500 for tax year 2026, with annual increases based on average residential property tax bills. A combined application form for various property tax benefits will be created, and applications will be accepted from February 1 to October 31 each year.

Additionally, the bill mandates the creation of the Stay NJ Task Force to streamline property tax relief for seniors earning under $500,000, requiring a report by May 30, 2024. It sets a new implementation timeline for the Stay NJ property tax credit program, moving the deadline for legislative review and enactment of recommendations to February 1, 2025. The bill also introduces the "ANCHOR Homestead Property Tax Credit Act," modifies eligibility criteria for the homestead property tax reimbursement program, and standardizes the application process across programs. It allows for flexible distribution of benefits through checks, direct deposits, or property tax credits, and clarifies income definitions for eligibility, ensuring that only actual property taxes paid can be deducted from gross income.

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