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. A new property tax credit program is established, offering a credit of 50% of property taxes billed to the claimant's principal residence, capped at $6,500 for tax year 2026, with annual increases based on average residential property tax bills. The bill also mandates a combined application form for various property tax benefits and outlines a payment process for the Stay NJ property tax credit, which will be distributed quarterly starting February 1, 2026.

Additionally, the bill creates the Stay NJ Task Force to develop recommendations for a streamlined property tax relief program for senior citizens earning under $500,000 annually, with a report due by May 30, 2024. It establishes a timeline for implementing the Stay NJ property tax credit program, requiring legislative approval by February 1, 2025, and removes provisions that would delay implementation. The bill also introduces the "ANCHOR Homestead Property Tax Credit Act," modifies the application process for the homestead property tax reimbursement program, and aligns residency requirements across programs. It allows for flexible distribution of benefits through checks, direct deposits, or property tax credits, and clarifies income eligibility criteria while ensuring that the funding for the Stay NJ program does not interfere with other constitutional obligations.

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