Sponsored by:
Senator ANTHONY M. BUCCO
District 25 (Morris and Somerset)
Senator JEAN STANFIELD
District 8 (Atlantic, Burlington and Camden)
Co-Sponsored by:
Senator Oroho
SYNOPSIS
Amends Fiscal Year 2023 annual appropriations act to require expedited payment of property tax benefit under ANCHOR Property Tax Relief Program.
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
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, 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] For a completed application submitted under the program by an eligible homestead owner or resident whose homestead is a unit of residential real property, the 2019 property tax benefit shall be paid as soon as possible, but not later than [May] 30 days after the enactment of P.L. , c. (pending before the Legislature as this bill) or 30 days after the date on which the application is received, whichever is later, as a rebate to [all] the eligible homestead [owners and residents whose homestead is a unit of residential rental property] owner or resident, 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.2022, c.49, s.1)
2. This act shall take effect immediately.
STATEMENT
This bill amends the Fiscal Year 2023 annual appropriations act to provide that, for a completed application submitted under the ANCHOR Property Tax Relief Program by an eligible homestead owner or resident whose homestead is a unit of residential real property, the 2019 property tax benefit is to be paid as soon as possible, but not later than 30 days after the enactment of the bill or 30 days after the date on which the application is received, whichever is later, as a rebate to the eligible homestead owner or resident, subject to the approval of the Director of the Division of Budget and Accounting.
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. Current law requires the 2019 property tax benefit to be paid to eligible recipients as soon as possible, but no later than May 2023.