Bill Text: NJ S3319 | 2022-2023 | Regular Session | Amended
Bill Title: Amends Fiscal Year 2024 annual appropriations act to extend ANCHOR Property Tax Relief Program eligibility to homestead owners and tenants who made payments in lieu of taxes.
Spectrum: Partisan Bill (Democrat 3-0)
Status: (Engrossed - Dead) 2024-01-08 - Passed by the Senate (34-0) [S3319 Detail]
Download: New_Jersey-2022-S3319-Amended.html
Sponsored by:
Senator JOSEPH F. VITALE
District 19 (Middlesex)
SYNOPSIS
Amends Fiscal Year 2024 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 reported by the Senate Budget and Appropriations Committee on December 21, 2023, with amendments.
An Act amending the Fiscal Year 1[2023] 20241 annual appropriations act, 1[P.L.2022, c.49] P.L.2023, c. 741.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1[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.]1
11. 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 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. To receive the 2020 property tax benefit, eligible homestead owners and residents shall submit an application to the Division of Taxation in the Department of the Treasury no later than March 1, 2024. 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.1
2. This act shall take effect immediately.
