Revises definition of income for homestead property tax reimbursement and Stay NJ property tax benefit programs; modifies elements of Stay NJ property tax benefit program.
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Progress
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- Introduced
- Passed Senate
- Passed General Assembly
- To Governor
- Became Law
Overview
This bill revises the definitions of income used in two New Jersey property tax assistance programs: the homestead property tax reimbursement program (for seniors and disabled individuals) and the Stay NJ property tax benefit program. It adjusts the income thresholds used to determine eligibility for these programs, aligning them with the state’s gross income tax rules and clarifying how certain types of income, such as Social Security and retirement income, are treated. The bill also modifies the Stay NJ program’s credit amount and eligibility criteria.
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