Bill Text: NJ AR174 | 2020-2021 | Regular Session | Introduced
Bill Title: Supports continued funding of homestead benefit program and homestead property tax reimbursement program.
Spectrum: Slight Partisan Bill (Democrat 5-2)
Status: (Introduced - Dead) 2020-07-16 - Introduced, Referred to Assembly Aging and Senior Services Committee [AR174 Detail]
Download: New_Jersey-2020-AR174-Introduced.html
Sponsored by:
Assemblywoman VALERIE VAINIERI HUTTLE
District 37 (Bergen)
SYNOPSIS
Supports continued funding of homestead benefit program and homestead property tax reimbursement program.
CURRENT VERSION OF TEXT
As introduced.
An Assembly Resolution supporting the continued funding of the homestead benefit program and the homestead property tax reimbursement program.
Whereas, New Jersey enacted the "Homestead Property Tax Rebate Act of 1990," which led to the creation of the homestead benefit program that provides property tax relief to eligible homeowners by having the benefit distributed to the homeowner's municipality in the form of a tax credit, thereby reducing the homeowner's property taxes; and
Whereas, Persons who are currently eligible for the homestead benefit program are New Jersey residents who own and occupy a home that was considered their principal residence on October 1, 2017, the property taxes for 2017 have already been paid in full on that home, and the homeowner meets the 2017 income requirements; and
Whereas, The State Fiscal Year 2020 Appropriations Act provided approximately $283 million in tax relief under the homestead benefit program, with an average benefit of $538 for seniors and disabled homeowners with incomes up to $150,000, and an average benefit of $400 for all other homeowners with incomes up to $75,000; and
Whereas, Beginning in 1998, New Jersey has provided a homestead property tax reimbursement, colloquially referred to as the "senior freeze" program, to eligible senior citizens and disabled persons for property tax increases that occur after the year in which they become eligible for the program; and
Whereas, Persons who are currently eligible for the homestead property tax reimbursement program are senior citizens or disabled persons receiving federal Social Security disability benefit payments, who have lived in this State continuously for a period of at least ten years, as either a homeowner or renter, who have paid property taxes on a homestead or mobile home site that was used as a principle residence, and who meet certain income eligibility criteria; and
Whereas, The State Fiscal Year 2020 Appropriations Act provided a total of $219.7 million in tax relief to benefit 176,000 beneficiaries under the homestead property tax reimbursement program; and
Whereas, The homestead benefit program and the homestead property tax reimbursement program provide annual property tax relief to approximately 680,000 hardworking New Jersey residents who rely on this tax benefit to cushion the impact of annual property tax increases; and
Whereas, It is altogether fitting and proper and in the interest of hundreds of thousands of New Jersey residents for this House to support the continued funding of the homestead benefit program and the homestead property tax reimbursement program; now, therefore,
Be It Resolved by the General Assembly of the State of New Jersey:
1. This House supports the continued funding of the homestead benefit program and the homestead property tax reimbursement program.
2. Copies of this resolution, as filed with the Secretary of State, shall be transmitted by the Clerk of the General Assembly to the Governor of New Jersey, the Lieutenant Governor of New Jersey, the New Jersey State Treasurer, the Acting Director of the New Jersey Division of Taxation, and the State President and State Director of AARP New Jersey.
STATEMENT
This resolution supports the continued funding of the homestead benefit program and the homestead property tax reimbursement program.
New Jersey enacted the "Homestead Property Tax Rebate Act of 1990," which led to the creation of the homestead benefit program that provides property tax relief to eligible homeowners by having the benefit distributed to the homeowner's municipality in the form of a tax credit, thereby reducing the homeowner's property taxes. Persons who are currently eligible for the homestead benefit program are New Jersey residents who own and occupy a home that was considered their principal residence on October 1, 2017, the property taxes for 2017 have already been paid in full on that home, and the homeowner meets the 2017 income requirements.
The State Fiscal Year 2020 Appropriations Act provided approximately $283 million in tax relief under the homestead benefit program, with an average benefit of $538 for seniors and disabled homeowners with incomes up to $150,000, and an average benefit of $400 for all other homeowners with incomes up to $75,000.
Beginning in 1998, New Jersey
has provided a homestead property tax reimbursement, colloquially referred to
as the "senior freeze" program, to eligible senior citizens and disabled
persons for property tax increases that occur after the year in which they
become eligible for the program. Persons who are currently eligible for the
homestead property tax reimbursement program are senior citizens or disabled
persons receiving federal Social Security disability benefit payments, who have
lived in this State
continuously for a period of at least ten years, as either a homeowner or renter, who have paid property taxes on a homestead or mobile home site that was used as a principle residence, and who meet certain income eligibility criteria.
The State Fiscal Year 2020 Appropriations Act provided a total of $219.7 million in tax relief to benefit 176,000 beneficiaries under the homestead property tax reimbursement program.
The homestead benefit program and the homestead property tax reimbursement program provide annual property tax relief to approximately 680,000 hardworking New Jersey residents who rely on this tax benefit to cushion the impact of annual property tax increases.
