Trenton– The Senate Community and Urban Affairs Committee today introduced a bill sponsored by Senator Fred H. Madden that would revise the criteria used to establish the base year for post-move property tax refunds.

The bill, S-2148, would allow the claimant, when moving, to use the first full year preceding the year the person resides in the new homestead when claiming the tax refund. family property land. If the farm is new construction or has been newly constructed at any time since the start of the claimant’s eligibility window, the base year for the refund would be based on the first full tax year following the completion of the construction.

“Between 1998 and 2021, the average New Jersey property tax bill rose from $4,119 to $9,284. This legislation will ensure residents reap their financial benefits from this reimbursement program much sooner than current law allows,” said Sen. Madden (D-Gloucester/Camden).

The bill was advanced from committee by a vote of 5-0.

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