Revises income definition for homestead property tax reimbursement and Stay NJ programs; modifies Stay NJ program.

The bill amends the definition of income for the homestead property tax reimbursement and Stay NJ property tax benefit programs in New Jersey. It modifies the Stay NJ program by reducing the income eligibility limit from $500,000 to $250,000 and establishing a tiered benefit structure. The maximum allowable Stay NJ benefit will vary based on income levels, with a maximum of $6,500 for those with income not over $175,000, $5,000 for those with income over $175,000 but not over $225,000, and $4,500 for those with income over $225,000 but not over $250,000.

Revises income definition for homestead property tax reimbursement and Stay NJ programs; modifies Stay NJ program.

The bill amends the definition of income for the homestead property tax reimbursement and Stay NJ property tax benefit programs in New Jersey. It modifies the Stay NJ program by reducing the income eligibility limit from $500,000 to $250,000 and establishing a tiered benefit structure. The maximum allowable Stay NJ benefit will vary based on income levels, with a maximum of $6,500 for those with income not over $175,000, $5,000 for those with income over $175,000 but not over $225,000, and $4,500 for those with income over $225,000 but not over $250,000.