This bill amends the existing law regarding homestead property tax rebates and credits, specifically prohibiting property owners who are not residents of New Jersey from receiving these benefits. The new legal language states that "No claimant shall be able to receive a homestead rebate or credit, or a property tax benefit under the ANCHOR Property Tax Relief Program... if the claimant is not a resident of this State in the calendar year in which the property tax rebate, credit, or benefit is to be paid." This change ensures that only those who maintain residency in New Jersey during the relevant calendar years are eligible for these financial benefits.

The bill aims to tighten the eligibility criteria for property tax benefits, which were previously available to individuals as long as they were residents during the year the rebate was issued, regardless of their residency status in the year the taxes were paid. By implementing this requirement, the bill seeks to prevent non-residents from benefiting from state tax relief programs, thereby ensuring that the financial assistance is directed solely to current residents of New Jersey. The act is set to take effect on January 1 following its enactment.

Statutes affected:
Introduced: 54:4-8.59