Converts senior freeze reimbursement into credit applied directly to property tax bills.

This bill would change New Jersey's senior freeze program from a reimbursement system to a direct credit system for eligible homeowners. Currently, seniors (65+) and disabled homeowners receive property tax savings as a reimbursement the following year, but this bill would apply those savings directly as a credit to reduce their current year's property tax bills for the third and fourth quarters. Homeowners in cooperatives, mutual housing corporations, or continuing care retirement communities would receive a rebate payment instead of a credit, allowing them to receive their benefits in the current tax year rather than waiting until the following year. This change would provide immediate property tax savings to eligible seniors and disabled homeowners who qualify for the homestead property tax freeze benefit.