NJ A1483

Creates a gross income tax credit equal to 25% of property taxes paid, up to $2,500 maximum, for qualifying New Jersey residents

Eligible taxpayers include first-time homebuyers who purchased property in 2019, 2020, or 2021 and had no prior homeownership

Senior citizens aged 65 or older qualify for the credit regardless of when they purchased their home

Credit applies for taxable years beginning January 1, 2019, January 1, 2020, and January 1, 2021

Any credit amount exceeding the taxpayer's income tax liability will be refunded as an overpayment