New Jersey A4674 revises homestead property tax reimbursement criteria after relocation.

New Jersey A4674 revises the criteria for establishing a base year under the homestead property tax reimbursement program. It allows eligible claimants to retain eligibility following a move to another New Jersey homestead, enabling them to qualify immediately for reimbursement. The bill specifies that the base year for reimbursement is the tax year prior to the claimant's move to the current homestead, unless the new homestead is "new construction," in which case the base year is the first full tax year following completion.

New Jersey A4674 revises homestead property tax reimbursement criteria after relocation.

New Jersey A4674 revises the criteria for establishing a base year under the homestead property tax reimbursement program. It allows eligible claimants to retain eligibility following a move to another New Jersey homestead, enabling them to qualify immediately for reimbursement. The bill specifies that the base year for reimbursement is the tax year prior to the claimant's move to the current homestead, unless the new homestead is "new construction," in which case the base year is the first full tax year following completion.