The Municipal Volunteer Property Tax Reduction Act allows municipalities in New Jersey to establish programs that enable residents aged 60 and older, who have lived in their primary residence for at least 15 years, to volunteer their services in exchange for property tax credits. These credits can amount to a maximum of $1,000 per tax year and are calculated based on the State minimum wage. The credits earned cannot be carried over to subsequent years and must be applied to the municipal property taxes due for the year in which they are earned. Additionally, volunteers will receive vouchers that can only be used to offset property taxes for municipal purposes on their primary residence, and these vouchers are non-transferable and have no cash value.

The bill stipulates that municipalities cannot use volunteers for positions that are budgeted for salaries, ensuring that volunteers are only utilized in non-professional, non-salaried roles. Municipalities must inform the Director of the Division of Local Government Services about the creation of such programs within three business days of adoption. Furthermore, any resolutions from municipalities under state supervision will require approval from the director to be effective. The bill also allows for the immediate implementation of necessary regulations for the program, which will be valid for up to 365 days.