Makes permanent additional $250 ANCHOR property tax benefit for certain senior citizen homeowners and tenants.

A5093

ASSEMBLY, No. 5093

STATE OF NEW JERSEY

222nd LEGISLATURE

�

INTRODUCED MAY 14, 2026

Sponsored by:

Assemblyman� BRIAN E. RUMPF

District 9 (Ocean)

Assemblyman� GREGORY E. MYHRE

District 9 (Ocean)

Co-Sponsored by:

Assemblywoman Fantasia and Assemblyman Scharfenberger

SYNOPSIS

���� Makes permanent additional $250 ANCHOR property tax
benefit for certain senior citizen homeowners and tenants.

CURRENT VERSION OF TEXT

���� As introduced.

��

An Act
concerning the ANCHOR Property Tax Relief Program and
amending P.L.2023, c.75.

����
Be It
Enacted
by the Senate and General Assembly of
the State of New Jersey:

���� 1.� Section 15 of� P.L.2023,
c.75 (C.54:4-8.61a) is amended to read as follows:

���� 15.� a.� In addition to the
property tax benefits paid under the ANCHOR Property Tax Relief Program to
eligible homestead owners and tenants on their principal residences, whether
owned or rented, pursuant to the provisions of sections 3 or 4 of P.L.1990,
c.61 (C.54:4-8.59 or C.54:4-8.60) as amended,
[
the
State Fiscal Year 2024
]

each annual
appropriations act shall provide for the following
additional benefits under the ANCHOR Property Tax Relief Program:

���� (1) a resident homestead owner
65 years of age or older with gross income not in excess of $250,000 for the
tax year that is used to determine such resident homestead owner's eligibility
for the ANCHOR Property Tax Relief Program is eligible for an additional
benefit in the amount of $250; provided, however, the total benefits received
by such resident homestead owner under the ANCHOR Property Tax Relief Program
and this section shall not exceed the amount of property taxes paid by such
resident homestead owner; and

���� (2) a resident 65 years of age
or older whose homestead is a unit of residential rental property with gross
income not in excess of $150,000 for the tax year that is used to determine
such resident's eligibility for the ANCHOR Property Tax Relief Program is
eligible for an additional benefit in the amount of $250.

���� b.� The additional property
tax benefits required pursuant to subsection a. of this section shall be paid
[
in State
Fiscal Years 2024, 2025, and 2026
]

annually
at the same time and in the same manner as, and as part of the
same application process for, property tax benefits provided under the ANCHOR
Property Tax Relief Program.

(cf:� P.L.2023, c.75, s.15)

���� 2. �This act shall take effect
immediately.

STATEMENT

���� This bill would make permanent
the additional $250 property tax relief benefits� that have been paid to senior
citizen homeowners and tenants under the ANCHOR Property Tax Relief Program
since State Fiscal Year 2024.

���� The ANCHOR Property Tax Relief
Program provides benefits to certain taxpayers who reside in the State.�
Generally, taxpayers are eligible for a benefit of between $450 and $1500 each
year, depending on whether the taxpayer owned or rented a principal residence
and the extent to which certain income requirements are met.� Taxpayers who are
age 65 or older and meet all other program eligibility criteria qualify for an
additional benefit of $250.� Notably, a qualifying senior citizen taxpayer who
owns a principal residence in the State would receive the additional benefit,
provided that their gross income for the tax year does not exceed $250,000.� A
qualifying senior citizen whose principal residence is a unit of residential
rental property would receive the additional benefit, provided that their gross
income for the tax year does not exceed $150,000.� However, the period of time
during which this additional benefit is available to qualifying senior citizens
is limited to State Fiscal Years 2024, 2025, and 2026.� Thus, the additional
benefit would not be provided beginning with State Fiscal Year 2027.

���� This bill would extend the
period of time during which the additional $250 benefit is provided under the
ANCHOR Property Tax Relief Program to require that it be paid annually in
future State fiscal years.� Similarly, the bill would continue to provide the
additional benefit at the same time, in the same manner, and as part of the
same application process for, other benefits that are provided under the
program.