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A4010
ASSEMBLY, No. 4010
STATE OF NEW JERSEY
222nd LEGISLATURE
�
INTRODUCED FEBRUARY 5, 2026
Sponsored by:
Assemblyman� ALEX SAUICKIE
District 12 (Burlington, Middlesex, Monmouth and Ocean)
SYNOPSIS
���� Amends Fiscal Year 2026 annual appropriations act to
extend ANCHOR benefits to certain individuals for payments in lieu of property
taxes.
CURRENT VERSION OF TEXT
���� As introduced.
��
An Act
to amend the annual
appropriations act for the fiscal year ending June 30, 2026, P.L.2025, c.74, to
extend ANCHOR benefits to certain individuals for payments in lieu of property
taxes.
����
Be It
Enacted
by the Senate and General Assembly of
the State of New Jersey:
���� 1.� The following language
provision in section 1 of P.L.2025, c.74, the annual appropriations act for
State Fiscal Year 2026, is amended to read as follows:
82 DEPARTMENT OF THE TREASURY
70� Government Direction, Management,
and Control
75� State Subsidies and Financial Aid
GRANTS IN AID
The amount hereinabove appropriated for the ANCHOR Property
Tax Relief Program shall be available to provide property tax benefits to
eligible homestead owners and tenants on their principal residences, whether
owned or rented,
including principal residences on which a homestead owner
made one or more payments in lieu of property taxes to the municipality in
which the residence is located, and including principal residences of tenants
who paid rent on a homestead that is a unit of residential property on which
payments in lieu of property taxes have been made to the municipality in which
the residence is located,
pursuant to the provisions
of section 3 of P.L.1990, c.61 (C.54:4-8.59) as amended by P.L.2004, c.40 and
by P.L.2007, c.62, as may be amended from time to time except that,
notwithstanding the provisions of such laws to the contrary: (i) homestead
owner residents with (a) gross income in excess of $150,000 but not in excess
of $250,000 for tax year 2024 are eligible for a benefit in the amount of property
taxes
or payments in lieu of property taxes
paid, but not to exceed the
amount of $1,000; (b) gross income not in excess of $150,000 for tax year 2024
are eligible for a benefit in the amount of property taxes
or payments in
lieu of property taxes
paid, but not to exceed $1,500; homestead owner
residents with gross income in excess of $250,000 for tax year 2024 are
excluded from the program; (ii) residents whose homestead is a unit of
residential rental property with (a) gross income in excess of $150,000 for tax
year 2024 are excluded from the program; and (b) gross income not in excess of
$150,000 for tax year 2024 are eligible for a benefit of $450; (iii) and
provided further that residents who are eligible for a benefit pursuant to (i)
and (ii) above and are 65 years of age or older at the close of tax year 2024
are eligible for an additional benefit of $250.
These
benefits listed pursuant to this paragraph will be based on the 2023 property
tax amounts assessed or as would have been assessed on the October 1, 2024
principal residence of eligible applicants
or based on the 2023 in lieu
of property tax amounts attributable to the principal residence on October 1,
2024
. The 2024 property tax benefit shall be paid as soon as possible, but
not later than May as a rebate to all eligible homestead owners and residents
whose homestead is a unit of residential rental property, subject to the
approval of the Director of the Division of Budget and Accounting. If the
amount hereinabove appropriated for the ANCHOR Property Tax Relief Program is
not sufficient, there are appropriated from the Property Tax Relief Fund such
additional amounts as may be required to provide such property tax benefits,
subject to the approval of the Director of the Division of Budget and
Accounting.
(cf:
P.L.2025, c.74, s.1)
���� 2. �This act shall take effect
immediately.
STATEMENT
���� This bill would amend the
Fiscal Year 2026 annual appropriations act to extend ANCHOR Property Tax Relief
Program eligibility to residences on which a homestead owner made one or more
payments in lieu of property taxes to the municipality in which the residence
is located, or a tenant whose residence is a unit of rental property on which a
payment in lieu of property taxes has been made.
���� With respect to State Fiscal
Year 2026, the ANCHOR Property Tax Relief Program provides property tax relief
to New Jersey residents who met certain income limits.�
That property tax relief will be based on the 2023 property tax amounts or
in lieu of property tax amounts assessed, or as would have been assessed, on
the October 1, 2024 principal residence of those eligible applicants
.�
Currently, homestead owners and tenants for payments in lieu of taxes on their
residences are ineligible for the property tax benefit under the program.