This bill mandates that benefits from specific State property tax relief programs, including the ANCHOR program, the Homestead Property Tax Reimbursement Program, and the Stay NJ Property Tax Credit Program, be issued as credits directly on eligible claimants' property tax bills. It specifies that these credits will be applied to the property tax bills of individuals or, in cases where the claimant resides in a cooperative, mutual housing corporation, or continuing care retirement community, to the property tax bills of those entities. The bill also requires that any credits received be reflected on the property tax bills, providing transparency regarding the reduction in tax liability due to these credits.

Additionally, the bill introduces a requirement for property tax bills to include a detailed tabulation of any reductions in the taxpayer's bill resulting from credits or deductions under the aforementioned programs, as well as other applicable deductions for veterans, seniors, and disabled persons. This aims to enhance taxpayer awareness of the benefits they receive and the impact on their property tax obligations. The changes are set to take effect immediately upon enactment and will apply to property tax relief benefits distributed thereafter.

Statutes affected:
Introduced: 54:4-8.63, 54:4-8.71, 54:4-8.75