This bill mandates that the State of New Jersey fully fund the homestead property tax reimbursement program and the Stay NJ Property Tax Relief Program. It stipulates that if the appropriated funds for these programs are insufficient in any fiscal year, additional funds must be allocated from the Property Tax Relief Fund to ensure full payment. Furthermore, the bill requires the Director of the Division of Taxation to prepare and submit annual reports detailing the distribution of property tax credits and rebates, including demographic breakdowns by age and income, to both the Governor and the Legislature.

Additionally, the bill establishes a five-member Property Tax Relief Program Oversight Committee within the Department of the Treasury, tasked with monitoring and evaluating the effectiveness of the State's property tax relief programs. This committee will issue reports on the efficacy of these programs in alleviating property tax burdens and will recommend improvements for their administration. The bill also amends existing law to ensure that data on the distribution of Stay NJ property tax credits is included in the annual property tax data summary published by the Division of Local Government Services.

Statutes affected:
Introduced: 52:27D-18.3