This bill aims to make permanent the additional $250 property tax benefit for senior citizen homeowners and tenants under the ANCHOR Property Tax Relief Program. The legislation amends Section 15 of P.L.2023, c.75 to ensure that eligible residents aged 65 and older, with gross incomes not exceeding $250,000 for homeowners and $150,000 for tenants, will receive this additional benefit annually. The bill removes the previous limitation that restricted the benefit to State Fiscal Years 2024, 2025, and 2026, thereby allowing it to continue indefinitely.

Furthermore, the bill stipulates that the additional property tax benefits will be disbursed annually, in the same manner and at the same time as other benefits provided under the ANCHOR Property Tax Relief Program. This change ensures that qualifying senior citizens can consistently receive the additional $250 benefit as part of their property tax relief, thereby enhancing financial support for this demographic. The act is set to take effect immediately upon passage.

Statutes affected:
Introduced: 54:4-8.61