Bill Text: NJ A3549 | 2022-2023 | Regular Session | Introduced
Bill Title: Makes FY 2022 supplemental appropriations of $139.8 million for Homestead Benefit Program and Senior and Disabled Citizens' Property Tax Freeze Program.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Introduced - Dead) 2022-03-10 - Introduced, Referred to Assembly State and Local Government Committee [A3549 Detail]
Download: New_Jersey-2022-A3549-Introduced.html
Sponsored by:
Assemblywoman CAROL A. MURPHY
District 7 (Burlington)
SYNOPSIS
Makes FY 2022 supplemental appropriation of $139.8 million for Homestead Benefit Program and Senior and Disabled Citizens' Property Tax Freeze Program.
CURRENT VERSION OF TEXT
As introduced.
A Supplement to the annual appropriations act for the fiscal year ending June 30, 2022, P.L.2021, c.133.
Be It Enacted by the Senate and the General Assembly of the State of New Jersey:
1. In addition to the amounts appropriated under P.L.2021, c.133, the annual appropriations act for the fiscal year ending June 30, 2022, there are appropriated from the Property Tax Relief Fund the following amounts for the purposes specified:
82 DEPARTMENT OF THE TREASURY
70 Government Direction, Management, and Control
75 State Subsidies and Financial Aid
GRANTS-IN-AID
33-2077 Homestead Exemptions ................................... $139,800,000
Total Grants-in-Aid Appropriation,
State Subsidies and Financial Aid................ $139,800,000
Grants-in-Aid:
33 Homestead Benefit Program (PTRF). ($84,875,000)
33 Senior and Disabled Citizens'
Property Tax Freeze - FY 2022 Supplemental Benefit (PTRF) ............................................................. (54,925,000)
The amount hereinabove appropriated for the Homestead Benefit Program shall be
available to provide homestead benefits only to eligible homeowners 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)
residents who are 65 years of age or older at the close of the tax year, or
residents who are allowed to claim a personal deduction as a blind or disabled
taxpayer pursuant to subsection b. of N.J.S.54A:3-1, with (a) gross income in
excess of $150,000 for tax year 2018 are excluded from the program; (b) gross
income in excess of $100,000 but not in excess of $150,000 for tax year 2018
are eligible for a benefit in the amount of [5%] 6.25%
of the first $10,000 of property taxes paid; and (c) gross income not in excess
of $100,000 for tax year 2018 are eligible for a benefit in the amount of [10%] 12.5%
of the first $10,000 of property taxes paid; (ii) residents who are not 65
years of age or older at the close of the tax year, or residents who are not
allowed to claim a personal deduction as a blind or disabled
taxpayer pursuant to subsection b. of N.J.S.54A:3-1, with (a) gross income in excess of $75,000 for tax year 2018 are excluded from the program; (b) gross income in excess of $50,000 but not in excess of $75,000 for tax year 2018 are eligible for a benefit in the amount of [6.67%] 8.3375% of the first $10,000 of property taxes paid; and (c) gross income not in excess of $50,000 for tax year 2018 are eligible for a benefit in the amount of [10%] 12.5% of the first $10,000 of property taxes paid. These benefits listed pursuant to this paragraph will be calculated based on the 2017 property tax amounts assessed or as would have been assessed on the October 1, 2018 principal residence of eligible applicants. The total homestead benefit provided to an eligible applicant in a given State fiscal year shall not exceed the homestead rebate amount paid to such eligible applicant for tax year 2017, absent a change in an applicant's filing characteristics. The 2018 homestead benefit shall be paid in May, subject to the approval of the Director of the Division of Budget and Accounting, provided further, however, that a homestead credit that is paid through electronic funds transfer made by the director to the local property tax account maintained by the local tax collector for the homestead of the claimant shall be paid to the local tax collector before the end of the fiscal year. If the amount hereinabove appropriated for the Homestead Benefit Program is not sufficient, there are appropriated from the Property Tax Relief Fund such additional amounts as may be required to provide such homestead benefits, subject to the approval of the Director of the Division of Budget and Accounting.
2. The following language provision is added to Section 1 of P.L.2021, c.133, the annual appropriations act for the fiscal year ending June 30, 2022.
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 Senior and Disabled Citizens' Property Tax Freeze shall be available to provide each eligible claimant with a supplemental homestead property tax reimbursement equal to 25 percent of the homestead property tax reimbursement for calendar year 2020.
3. This act shall take effect
immediately.
STATEMENT
This bill makes an FY 2022 supplemental appropriation totaling $139.8 million to provide additional property tax relief through two programs.
The bill appropriates $84.9 million for the Homestead Benefit Program and $54.9 million to provide a supplemental payment to recipients of the Senior and Disabled Citizens' Property Tax Freeze. The amounts provided by the bill represent one quarter of the funding provided for the Homestead Benefit Program and the Senior and Disabled Citizens' Property Tax Freeze by the FY 2022 Appropriations Act (P.L.2021, c.133).
The bill also modifies an existing language provision that establishes parameters for the FY 2022 Homestead Benefit Program. The bill amends that provision to increase the amount of the benefit provided to eligible homeowners by 25 percent. The bill includes a new language provision that requires the distribution of an FY 2022 supplemental benefit to homeowners who receive a property tax reimbursement through the Senior and Disabled Citizens' Property Tax Freeze Program.
The Homestead Benefit Program provides credits directly against eligible homeowners' property tax bills. The Senior and Disabled Citizens' Property Tax Freeze provides eligible seniors and citizens with disabilities with a property tax reimbursement to offset increases in property taxes.
