A 1247 New Jersey General Assembly · 2024-2025 Regular Session

Amends Fiscal Year 2024 annual appropriations act to extend ANCHOR benefits to certain individuals who make payments in lieu of property taxes.

This bill extends New Jersey's ANCHOR Property Tax Relief Program to include homeowners and renters who pay "in lieu of property taxes" to their municipality, a group previously excluded. It modifies the FY2024 appropriations act to explicitly allow these individuals to qualify for tax relief based on their 2020 income and property tax amounts, without changing existing income thresholds or benefit caps. Eligible residents - such as those with 2020 income under $150,000 (receiving up to $1,500) or $150,000-$250,000 (receiving up to $1,000) - will now receive refunds retroactive to July 1, 2023. The change applies to both owner-occupied homes and rental units meeting the program's criteria.
Bill status in committee 1 of 4 stages cleared
Introduction
Jan 2024
Committee Review
Floor Vote
Governor
Introduced Jan 9, 2024 Last action Jan 9, 2024
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Jan 9, 2024
Introduced
Introduced in the Assembly, Referred to Assembly State and Local Government Committee
lower
2 primary · 0 co-sponsors

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