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NJ A5332
Bill
Status
2/20/2025
Primary Sponsor
Heather Simmons
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AI Summary
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Mandates the State appropriate additional funds from the Property Tax Relief Fund whenever ANCHOR program funding is insufficient to pay the full property tax credits and rebates owed to homeowners and renters under current law
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Requires the Director of the Division of Taxation to submit annual reports to the Governor and Legislature detailing total credits, rebates, and reimbursements distributed through ANCHOR, homestead reimbursement, and Stay NJ programs
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Creates a five-member Property Tax Relief Program Oversight Committee within the Department of the Treasury to monitor State property tax relief programs and recommend improvements
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Committee members serve four-year terms without compensation and must have expertise in areas such as government finance, tax policy, or real property assessment; three appointed by the Governor, one by the Senate President, and one by the Assembly Speaker
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Annual reports must include breakdowns by age (under 65 vs. 65 and over), income brackets, and participation rates comparing eligible claimants to those who actually received relief
Legislative Description
Requires State appropriations for Affordable New Jersey Communities for Homeowners and Renters Property Tax Relief Program and annual reporting of property tax relief program data; establishes Property Tax Relief Program Oversight Committee.
Housing
Last Action
Introduced, Referred to Assembly Housing Committee
2/20/2025