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 an income below $500,000 from the prior tax year. The bill establishes a property tax credit program that offers a credit of 50% of the 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. 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 outlines a new payment process for the Stay NJ property tax credit, allowing for quarterly distributions starting February 1, 2026, and introduces a dedicated account for property tax benefits for senior citizens. It mandates the creation of a single application form for the ANCHOR rebate, homestead property tax reimbursement, and Stay NJ property tax credit, streamlining the application process. The bill also clarifies definitions and eligibility criteria, ensuring that claimants must have owned and resided in their homestead for at least three years prior to filing for reimbursement. Overall, the amendments aim to enhance the efficiency and effectiveness of property tax relief programs in New Jersey.

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