Increases annual income limit for eligibility to receive homestead property tax reimbursement.

This bill (S 136) raises the annual income limit for New Jersey residents to qualify for homestead property tax reimbursement. It increases the current $150,000 income cap (for 2022 and later) to a higher amount for future tax years, making the program accessible to more homeowners. The reimbursement helps eligible homeowners - aged 65+ or disabled persons who own or lease their primary residence - get back some property taxes paid above a base-year amount. This change directly affects low-to-moderate-income elderly and disabled homeowners who currently exceed the income threshold. The bill amends existing law to adjust this income limit annually, aligning it with inflation or other factors as specified in the original statute.