NJ A4706

Establishes the Stay NJ property tax credit program providing eligible homeowners age 65+ with income under $500,000 a credit equal to 50% of their property tax bill, capped at $6,500 for tax year 2026 with annual adjustments based on average residential property tax increases

Creates a combined single application form (available February 1, 2025) for residents to apply for Stay NJ, ANCHOR rebates, and homestead property tax reimbursement programs, with applications accepted February 1 through October 31 annually

Appropriates $100 million in State Fiscal Year 2024, up to $200 million in FY 2025, and up to $300 million in FY 2026 to a dedicated nonlapsing account for property tax benefits to homeowners 65 and older

Requires Stay NJ credits to be distributed quarterly beginning February 1, 2026, either by check, direct deposit, or as a credit applied directly to the eligible claimant's property tax bill through electronic funds transfer to municipal tax collectors

Establishes that funding for Stay NJ cannot interfere with school aid requirements, veterans' and senior citizens' $250 property tax deductions, state retirement system contributions, or maintaining a 12% budgetary surplus target