This bill amends the existing law regarding eligibility for homestead property tax reimbursement by increasing the annual income limits for eligible claimants. Specifically, it raises the income threshold from $80,000 to $100,000 for single individuals or married couples starting in the tax year 2017 and continuing in subsequent years. This change aims to expand access to the property tax relief program for senior citizens and disabled persons, allowing more individuals to qualify for assistance.

Additionally, the bill removes previous income limits that were set for tax years 1998, 1999, and 2000, which were significantly lower than the new proposed limits. The updated eligibility criteria will now allow individuals with an annual income of $150,000 or less in tax year 2022 to qualify, with provisions for future adjustments to these limits. Overall, the bill seeks to provide greater financial relief to eligible claimants by broadening the income criteria for the homestead property tax reimbursement program.

Statutes affected:
Introduced: 54:4-8.67