Bill Text: NJ A1247 | 2024-2025 | Regular Session | Introduced
Bill Title: Amends Fiscal Year 2024 annual appropriations act to extend ANCHOR benefits to certain individuals who make payments in lieu of property taxes.
Spectrum: Partisan Bill (Republican 2-0)
Status: (Introduced) 2024-01-09 - Introduced, Referred to Assembly State and Local Government Committee [A1247 Detail]
Download: New_Jersey-2024-A1247-Introduced.html
STATE OF NEW JERSEY
221st LEGISLATURE
PRE-FILED FOR INTRODUCTION IN THE 2024 SESSION
Sponsored by:
Assemblyman ALEX SAUICKIE
District 12 (Burlington, Middlesex, Monmouth and Ocean)
Assemblyman ROBERT D. CLIFTON
District 12 (Burlington, Middlesex, Monmouth and Ocean)
SYNOPSIS
Amends Fiscal Year 2024 annual appropriations act to extend ANCHOR benefits to certain individuals who make payments in lieu of property taxes.
CURRENT VERSION OF TEXT
Introduced Pending Technical Review by Legislative Counsel.
An Act to amending the annual appropriations act for the fiscal year ending June 30, 2024, P.L.2023, c.74 to extend ANCHOR benefits to certain individuals who make payments in lieu of property taxes.
Be It Enacted by the Senate and the General Assembly of the State of New Jersey:
1. The following language provision in section 1 of P.L.2023, c.74, the annual appropriations act for State fiscal year 2024 is amended to read as follows:
82 DEPARTMENT OF THE TREASURY
70 Government Direction, Management, and Control
75 State Subsidies and Financial Aid
GRANTS IN AID
The amount hereinabove appropriated for the ANCHOR Property Tax Relief Program shall be available to provide property tax benefits to eligible homestead owners and tenants on their principal residences, whether owned or rented, including principal residences on which a homestead owner or tenant made one or more payments in lieu of property taxes to the municipality in which the residence is located, pursuant to the provisions of section 3 of P.L.1990, c.61 (C.54:4-8.59) as amended by P.L.2004, c.40 and by P.L.2007, c.62, as may be amended from time to time except that, notwithstanding the provisions of such laws to the contrary: (i) homestead owner residents with (a) gross income in excess of $150,000 but not in excess of $250,000 for tax year 2020 are eligible for a benefit in the amount of property taxes paid, but not to exceed the amount of $1,000; (b) gross income not in excess of $150,000 for tax year 2020 are eligible for a benefit in the amount of property taxes paid, but not to exceed $1,500; homestead owner residents with gross income in excess of $250,000 for tax year 2020 are excluded from the program; (ii) residents whose homestead is a unit of residential rental property with (a) gross income in excess of $150,000 for tax year 2020 are excluded from the program; and (b) gross income not in excess of $150,000 for tax year 2020 are eligible for a benefit of $450; (iii) and provided further that residents who are eligible for a benefit pursuant to (i) or (ii) above and are 65 years of age or older at the close of tax year 2020 are eligible for an additional benefit of $250. These benefits listed pursuant to this paragraph will be based on the 2019 property tax amounts assessed or as would have been assessed on the October 1, 2020 principal residence of eligible applicants. The 2020 property tax benefit shall be paid as soon as possible, but not later than May as a rebate to all eligible homestead owners and residents whose homestead is a unit of residential rental property, subject to the approval of the Director of the Division of Budget and Accounting. If the amount hereinabove appropriated for the ANCHOR Property Tax Relief Program is not sufficient, there are appropriated from the Property Tax Relief Fund such additional amounts as may be required to provide such property tax benefits, subject to the approval of the Director of the Division of Budget and Accounting.
(cf: P.L.2023, c.74, s.1)
2. This act shall take effect immediately and shall be retroactive to July 1, 2023.
STATEMENT
This bill amends the Fiscal Year 2024 annual appropriations act to extend ANCHOR Property Tax Relief Program eligibility to residences on which a homestead owner or tenant made one or more payments in lieu of property taxes to the municipality in which the residence is located.
With respect to State Fiscal Year 2024, the ANCHOR Property Tax Relief Program provides property tax relief to New Jersey residents who owned or rented their principal residence on October 1, 2020 and met certain income limits. Currently, homestead owners and tenants who made payments in lieu of taxes on their residences are ineligible for the property tax benefit under the program.
