This bill amends the criteria for establishing the base year for homestead property tax reimbursement for eligible claimants who relocate. Under current law, when a claimant moves to a new homestead, their base year is set to the first full tax year in which they reside in that new home, and they must wait an additional tax year to qualify for reimbursement. The proposed changes allow claimants to retain their eligibility immediately after moving, eliminating the waiting period. The base year will now be defined as the first full tax year prior to the year in which the claimant resides in the new homestead.

Additionally, if the new homestead is classified as new construction, the base year will be the first full tax year following the completion of that construction. The bill also clarifies that if a claimant did not occupy the homestead as their principal residence in the base year but moved from another homestead, the reimbursement will be based on the property taxes assessed on the current homestead for the base year, even if they did not reside there at that time. These changes aim to streamline the reimbursement process for eligible claimants who relocate within New Jersey.

Statutes affected:
Introduced: 54:4-8.67