This bill amends the existing law regarding homestead property tax rebates and credits, specifically prohibiting property owners who move out of New Jersey from receiving these benefits. The new legal language states that no claimant shall be eligible for a homestead rebate or credit, or a property tax benefit under the ANCHOR Property Tax Relief Program, if they are not a resident of the State during the calendar year in which the rebate, credit, or benefit is to be paid. This change aims to ensure that only current residents of New Jersey can benefit from these tax relief programs.

Currently, property tax benefits under the Homestead Property Tax Credit Act are available to eligible claimants based on property taxes paid in the previous calendar year, as long as they meet other eligibility requirements. The bill reinforces the residency requirement by stipulating that claimants must be residents during both the calendar year for which the rebate is issued and the year in which it is paid. This adjustment is intended to prevent individuals who have moved out of state from receiving financial benefits intended for New Jersey residents.

Statutes affected:
Introduced: 54:4-8.59