New Jersey Senate Bill SCR30

New Jersey 2022-2023 Regular Session

• Introduced: 1/11/22
• Refer: 1/11/22

Caption

Proposes constitutional amendment raising income limit to be eligible for homestead property tax reimbursement program.

Impact

Raising the income limit for the Senior Freeze program ensures that a larger number of seniors and disabled residents in New Jersey can benefit from property tax relief. The current law has been constrained by a statutory limit of $70,000 due to budgetary restrictions rather than being allowed to adjust with inflation. The proposed increase would allow significant financial relief to those who may be struggling with fixed incomes, thereby fostering greater economic stability for these vulnerable populations.

Summary

Senate Concurrent Resolution No. 30 (SCR30) proposes an amendment to the New Jersey Constitution that aims to increase the annual income limit for the homestead property tax reimbursement program, commonly referred to as the 'Senior Freeze' program. This program provides property tax rebates or credits to seniors and disabled persons who own a home in New Jersey and meet specific income criteria. Under the proposed amendment, the income limit would be raised from the current $80,000 to $100,000, with the intention that this limit will increase annually in line with inflation as measured by the Consumer Price Index.

Contention

There are potential points of contention surrounding SCR30, particularly concerning the sources of funding for the increased reimbursements that might arise as more qualified applicants claim their rebates. Additionally, some stakeholders worry that this may encourage additional pressure on state budgets as the number of eligible participants grows. The amendment's inflexibility to lower the income limit in future budgets could lead to challenges if the state's financial circumstances change, requiring careful consideration by lawmakers regarding fiscal sustainability.