This bill amends the eligibility criteria for the Stay NJ property tax credit program to include State residents who relocate from one homestead to another within New Jersey during the prior tax year. Previously, individuals who moved to a different homestead would not qualify for the program. The new language specifies that an eligible claimant must be the owner of any homestead in the State for the duration of the prior tax year and must meet all other eligibility requirements, including being 65 years of age or older and having an income of less than $500,000.

The Stay NJ program provides a property tax credit equal to 50 percent of the property taxes paid on the claimant's principal residence in the prior tax year, with a maximum initial credit of $6,500, which will increase based on the average rise in property tax bills in subsequent years. The bill also clarifies that the property tax credit for claimants who relocate will be based on the property taxes paid during the time they owned and occupied each homestead as their principal residence. This change aims to ensure that individuals who move within the state are not penalized and can still benefit from the property tax relief intended by the Stay NJ program.

Statutes affected:
Introduced: 54:4-8.75