S.3312

New Jersey S3312 modifies Stay NJ property tax credit eligibility to include residents who relocate within the state during the tax year.

New Jersey S3312 amends the Stay NJ property tax credit program to expand eligibility to include state residents who relocate to another homestead within New Jersey during the tax year. This change allows individuals who own a homestead in the state for the entire tax year, even if they move, to qualify for the credit. The credit is calculated as 50 percent of the property taxes paid on the principal residence during the prior tax year, up to a maximum of $6,500, with future increases based on the average increase in property tax bills.