Housing (Property Taxes)

This bill changes how the "base year" is calculated for New Jersey homeowners who relocate and qualify for homestead property tax reimbursements. It revises the rule so that when an eligible homeowner moves to a new primary residence, their base year (used to calculate tax refunds) becomes the first full tax year before the move - **but only for tax years starting on or after January 1, 2010**. This affects elderly or disabled homeowners who move within the state and meet income and residency requirements. The key change prevents the new base year rule from applying to tax years before 2010, maintaining the prior calculation for earlier relocations.

S 2108 (New Jersey) increases protections for homeowners and bank account holders facing debt collection. It establishes a homestead exemption for primary residences (including condos and manufactured homes) up to the county median home price (capped at $600,000 for seniors/disabled residents) or $300,000 - whichever is higher - with automatic annual inflation adjustments. The bill also creates a new $300,000 exemption for bank accounts and allows cash proceeds from selling a homestead to remain protected for 18 months. These exemptions apply automatically without requiring paperwork and cover essential household goods, but exclude cases involving fraud or intentional misconduct. The bill directly affects New Jersey residents with debt who own a primary residence or maintain qualifying bank accounts.