This bill amends the Fiscal Year 2026 annual appropriations act to expand eligibility for the ANCHOR Property Tax Relief Program to include certain individuals who have made payments in lieu of property taxes. Specifically, it allows property tax benefits for eligible homestead owners and tenants residing in units of residential rental property where such payments have been made to the municipality. The bill outlines the income thresholds for eligibility, with specific benefits based on gross income levels for the tax year 2024, and includes additional benefits for residents aged 65 and older.

The proposed changes include new provisions that specify the benefits will be calculated based on either the assessed property tax amounts or the payments in lieu of property taxes for the principal residence as of October 1, 2024. The bill also ensures that if the appropriated funds for the ANCHOR Property Tax Relief Program are insufficient, additional amounts will be drawn from the Property Tax Relief Fund, subject to approval by the Director of the Division of Budget and Accounting. This amendment aims to provide broader financial relief to New Jersey residents who may not have previously qualified for the program.