A 4674
Revises criteria to establish base year for homestead property tax reimbursement after relocation.
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- Passed General Assembly
- Passed Senate
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Bill overview
This bill amends the criteria for establishing a base year for homestead property tax reimbursement after relocation in New Jersey. Currently, eligible claimants must wait an additional tax year after moving to a new homestead to qualify for reimbursement. This bill allows eligible claimants to maintain eligibility immediately after moving to a new homestead in New Jersey, with the reimbursement based on the current homestead’s property taxes for the prior tax year. If the new homestead is newly constructed, the base year is set to the first full tax year following completion.
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