Revises criteria for establishing base year for homestead property tax reimbursement after relocation.

This bill revises the criteria for establishing a claimant’s base year under the homestead property tax reimbursement program. It allows eligible claimants to retain their base year following a move to another New Jersey homestead, enabling them to qualify immediately for reimbursement without waiting an additional tax year. The base year is determined by the tax year in which the person first becomes an eligible claimant. If the new homestead is "new construction," the base year is the first full tax year following the construction’s completion.

Revises criteria for establishing base year for homestead property tax reimbursement after relocation.

This bill revises the criteria for establishing a claimant’s base year under the homestead property tax reimbursement program. It allows eligible claimants to retain their base year following a move to another New Jersey homestead, enabling them to qualify immediately for reimbursement without waiting an additional tax year. The base year is determined by the tax year in which the person first becomes an eligible claimant. If the new homestead is "new construction," the base year is the first full tax year following the construction’s completion.