New Jersey S2118 revises the criteria for establishing a base year for homestead property tax reimbursement after relocation.

New Jersey S2118 revises the criteria for establishing a base year for homestead property tax reimbursement after relocation. Under the current law, when an eligible claimant moves from one home to another, the base year changes to the first full tax year during which the person resides in the new homestead, and then a claimant is to wait an additional tax year in order to be deemed “eligible” for the homestead property tax reimbursement. This bill allows the claimant to retain eligibility following a move to another New Jersey homestead.

New Jersey S2118 revises the criteria for establishing a base year for homestead property tax reimbursement after relocation.

New Jersey S2118 revises the criteria for establishing a base year for homestead property tax reimbursement after relocation. Under the current law, when an eligible claimant moves from one home to another, the base year changes to the first full tax year during which the person resides in the new homestead, and then a claimant is to wait an additional tax year in order to be deemed “eligible” for the homestead property tax reimbursement. This bill allows the claimant to retain eligibility following a move to another New Jersey homestead.