This bill amends the existing law regarding eligibility for homestead property tax reimbursement by increasing the annual income limit for applicants. Currently, the income limit is set at $80,000 or less for both single individuals and married couples. The proposed legislation raises this limit to $100,000 or less starting in the tax year 2017 and continuing in subsequent years. This change aims to expand access to the property tax relief program for more senior citizens and disabled persons, thereby providing them with greater financial support.

In addition to the income limit increase, the bill also makes several technical adjustments to the definitions and eligibility criteria for claimants. Notably, it removes outdated income thresholds for tax years 1998, 1999, and 2000, and establishes new income eligibility limits for the years 2007 through 2016, which will be subject to future adjustments. The bill is designed to ensure that the homestead property tax reimbursement program remains relevant and accessible to those who need it most, particularly as economic conditions change.

Statutes affected:
Introduced: 54:4-8.67