Trenton – The Senate Community and Urban Affairs Committee today advanced legislation sponsored by Senator Fred H. Madden that would revise the criteria used to establish the base year for homestead property tax reimbursement after relocation.
The bill, S-2148, would allow the claimant, upon moving, to use first full year prior to the year during which the person resides in the new homestead when applying for homestead property tax reimbursement. If the homestead is a new construction or has been newly constructed at any point since the claimant’s window of eligibility began, the reimbursement’s base year would be based on the first full tax year following the construction’s completion.
“Between 1998 and 2021, New Jersey’s average property tax bill increased from $4,119 to $9,284. This legislation will ensure residents reap their financial benefits of this reimbursement program much sooner than current law permits,” said Senator Madden (D-Gloucester/Camden).
The bill was advanced from committee by a vote of 5-0.