New JerseyA4706220th Legislature (2024-2025)HouseWALLET

Revises statutes implementing certain property tax relief programs pursuant to recommendations promulgated by Stay NJ Task Force.

Sponsored By: David Bailey Jr. (Democratic), Craig J. Coughlin (Democratic), Margie Donlon M.D. (Democratic), Mitchelle Drulis (Democratic), Roy Freiman (Democratic), Louis D. Greenwald (Democratic), Andrea Katz (Democratic), Luanne M. Peterpaul Esq. (Democratic), Nicholas P. Scutari (Democratic), Heather Simmons (Democratic), Lisa Swain (Democratic), Shirley K. Turner (Democratic)

Signed by Governor

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Bill Overview

Analyzed Economic Effects

14 provisions identified: 5 benefits, 1 costs, 8 mixed.

Senior property tax credits have caps

Stay NJ starts with 50% of the prior-year property tax billed on an eligible claimant’s main home. The combined benefit cap is $6,500 for tax year 2026, rising afterward with average residential property tax increases. ANCHOR and homestead reimbursements are paid fully first; Stay NJ is limited to the remaining room under that cap. The two specified state property tax deductions do not reduce the tax bill used to calculate Stay NJ. Claimants who move between main homes receive proportional credits limited to taxes for the quarters they occupied each home.

Senior homeowner relief has income limits

Stay NJ covers New Jersey residents age 65 or older by December 31 of the applicable benefit year. Claimants must own a qualifying main home for at least one full tax year on or after December 31, 2023. Prior-year income must be below $500,000, counting gross income before exclusions and deductions, plus specified interest and retirement income. This includes pension, annuity, Roth IRA, other retirement income, and homeowner-reported Social Security income. Surviving spouses keep the same credit only while still eligible, living in the same home, remaining New Jersey residents, and unmarried.

Household property tax deductions include credits

Beginning November 1, 2024, resident taxpayers can deduct qualifying property tax credits plus homestead taxes, up to $15,000 combined. Taxpayers who own and rent during different parts of the year can also combine qualifying rent-based property tax amounts. Taxes and rent must be due and paid for that calendar year; proportional ownership and reimbursement base-year limits remain. Existing limits cap the deduction at $5,000 for income between $150,000 and $250,000 and deny it above $250,000. Those income limits do not apply to taxpayers age 65 or older or eligible for blind-or-disabled deductions.

Senior tax relief gets dedicated funding

The law provides $100 million for the dedicated property tax benefits account in state fiscal year 2024, subject to Treasury approval. State budgets must include up to $200 million for fiscal year 2025 and $300 million for fiscal year 2026. Beginning in fiscal year 2026, this account can fund only Stay NJ credits. Stay NJ funding cannot interfere with required school support, pension contributions, or the listed $250 veteran, senior, and disabled-person deductions. It also cannot interfere with a surplus target of at least 12% of combined General Fund and Property Tax Relief Fund appropriations.

Seniors face repayment rules for errors

Recipients must return erroneous Stay NJ payments within 45 days after notice to avoid interest. After that deadline, interest accrues at the state tax rate and compounds annually. Recipients age 65 or older at year-end, or allowed the blind-or-disabled deduction, can avoid interest through installments. They must enter a reasonable-period installment agreement within 45 days after notice.

Homeowners get clearer reimbursement payment dates

Eligible homestead reimbursement applications received by May 1 must be paid by July 15 of that tax year. Applications received after May 1 are paid on a rolling monthly basis. Receiving Stay NJ instead of a homestead reimbursement does not reset your reimbursement base year. That base year remains available for later calculations comparing claim-year property taxes or site fees.

Property tax rebates get payment deadlines

The law requires payment of eligible ANCHOR rebates by September 15 each tax year. Payments come by check, direct deposit, or a property tax bill credit. Payments made in 2026 use property taxes billed for 2025; later benefit years use the immediately preceding tax year. Covered homestead relief programs, including ANCHOR where applicable, count the specified property tax credit as property tax.

Tax relief records get privacy safeguards

Beginning November 1, 2024, Stay NJ, ANCHOR, and homestead reimbursement records are confidential under state tax-record protections. The law restricts unauthorized sharing, use, and review. Municipalities can share unredacted property tax information with the state to calculate relief and administer Stay NJ. The state can return unredacted credit amounts so municipalities can apply benefits to eligible claimants’ tax bills.

Excessive rent claims face rebate reductions

The tax director can lower rent reported for a homestead rebate to a reasonable amount. This requires finding both excessive rent and a rental deal that was not made at arm’s length. A lower accepted rent amount can reduce the rebate calculation.

Public employee representatives gain address access

Beginning November 1, 2024, a public agency can share employees’ unredacted home addresses with its majority employee representative. This creates a limited exception to address-redaction protections.

Seniors get quarterly property tax payments

Approved Stay NJ payments begin February 1, 2026, and arrive quarterly, at least 10 days before property tax due dates. First-year payments come by check or direct deposit; later payments may reach local tax accounts in four equal installments. Cooperative, mutual housing, and continuing care retirement community claimants always receive checks or direct deposits. When enactment occurs after the 90th day before February 1, 2025, the combined application cannot issue before day 91 after enactment. Implementation cannot begin before the first tax-year quarter starting at least six months after the form is issued.

Agency records get sharing and privacy rules

Beginning November 1, 2024, public agencies can share unredacted information with vendors, contractors, and organizations to perform agency agreements. Recipients can use that information only for the agreement’s purposes. Officials must make every reasonable effort to hide protected home addresses in records available only for in-person viewing. This safeguard applies when the viewer lacks authority to see the address.

Election participants gain fuller voter records

Beginning November 1, 2024, authorized election participants can receive unredacted voter registration files and registry lists. Individual recipients must sign an affidavit confirming their qualifying status. Political-party and candidate-related copies remain limited to legally permitted uses. A Superior Court judge can authorize access for a qualifying election petition when needed to decide its merits.

Property records gain address disclosure exceptions

Beginning November 1, 2024, listed real-estate and finance users can request unredacted title-related records during ordinary business. This includes people making or receiving a property purchase offer involving a person whose information is protected. Address-redaction exceptions also cover listed Treasury business records, election petitions, lien records, and records of property presumed abandoned. Some assessment lists and recorded-document indexes are exempt only when inspected in person.

Sponsors & Cosponsors

Cosponsors

Patrick J. Diegnan Jr.
Democratic • Senate
Lampitt, Pamela R.
Affiliation unavailable
Cody D. Miller
Democratic • House
Carol A. Murphy
Democratic • House
Verlina Reynolds-Jackson
Democratic • House

Roll Call Votes

All Roll Calls

Yes: 185 • No: 4

House vote • 10/28/2024

CONCUR IN SA

Yes: 73 • No: 1 • Other: 2

Senate vote • 10/28/2024

3RDG FINAL PASSAGE

Yes: 40 • No: 0

House vote • 6/28/2024