SENATE, No. 3319

STATE OF NEW JERSEY

220th LEGISLATURE

 

INTRODUCED NOVEMBER 7, 2022

 


 

Sponsored by:

Senator  JOSEPH F. VITALE

District 19 (Middlesex)

 

 

 

 

SYNOPSIS

     Amends Fiscal Year 2023 annual appropriations act to extend ANCHOR Property Tax Relief Program eligibility to homestead owners and tenants who made payments in lieu of taxes.

 

CURRENT VERSION OF TEXT

     As introduced.

  


An Act amending the Fiscal Year 2023 annual appropriations act, P.L.2022, c.49.

 

     Be It Enacted by the Senate and General Assembly of the State of New Jersey:

 

     1.    The following language provision in section 1 of P.L.2022, c.49, the annual appropriations act for State fiscal year 2023, 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 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 2019 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 2019 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 2019 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 2019 are excluded from the program; and (b) gross income not in excess of $150,000 for tax year 2019 are eligible for a benefit of $450. These benefits listed pursuant to this paragraph will be based on the 2018 property tax amounts assessed or as would have been assessed on the October 1, 2019 principal residence of eligible applicants. The 2019 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.

 

     2.  This act shall take effect immediately.

 

 

STATEMENT

 

     This bill amends the Fiscal Year 2023 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 taxes to the municipality in which the residence is located.

     The ANCHOR Property Tax Relief Program provides property tax relief to New Jersey residents who owned or rented their principal residence on October 1, 2019 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..