ACR32

Proposed constitutional amendment to grant senior citizens a 50% property tax credit on their primary residence.

This bill proposes a constitutional amendment to establish the Stay NJ property tax credit program. It would provide an annual credit of 50 percent of the property tax due on the primary residence of a resident aged 65 or older. The credit would not exceed $10,000 per tax year and would have no income restrictions. The surviving spouse of a deceased claimant could continue to receive the credit if they meet the eligibility requirements. The credit would be paid by the State to the municipality where the residence is located.