New Jersey § 54:4-8

§ 54:4-8.

As used in this act: “ Condominium ” means the form of real property ownership provided for under the “Condominium Act,”

P.L.1969, c. 257 ( C.46:8B-1 et seq. ). “ Cooperative ” means a housing corporation or association which entitles the holder of a share

or membership interest thereof to possess and occupy for dwelling purposes a house,

apartment or other unit of housing owned or leased by the corporation or association,

or to lease or purchase a unit of housing constructed or to be constructed by the

corporation or association. “ Director ” means the Director of the Division of Taxation in the Department of the Treasury. “ Dwelling house ” means any residential property assessed as real property which consists of not more

than four units, of which not more than one may be used for commercial purposes, but

shall not include a unit in a condominium, cooperative, horizontal property regime

or mutual housing corporation. “ Eligible claimant ” means an individual who is 65 or more years of age, is the owner of a homestead

in this State on or after July 1, 2024, and has gross income for the prior year that

is less than $500,000. ” Gross income ” means all New Jersey gross income required to be reported pursuant to the “New Jersey

Gross Income Tax Act,” N.J.S.54A:1-1 et seq. , other than income excludable from the gross income tax return, but before reduction

thereof by any applicable exemptions, deductions and credits, received during the

taxable year by the owner or residential shareholder in, or lessee of, a homestead. “ Homestead ” means: a. a dwelling house and the land on which that dwelling house is located which constitutes

the place of the eligible claimant's domicile and is owned and used by the eligible

claimant as the eligible claimant's principal residence; b. a condominium unit or a unit in a horizontal property regime or a continuing care

retirement community which constitutes the place of the eligible claimant's domicile

and is owned and used by the eligible claimant as the eligible claimant's principal

residence. In addition to the generally accepted meaning of “owned” or “ownership,” a homestead

shall be deemed to be owned by a person if that person is a tenant for life or a tenant

under a lease for 99 years or more, is entitled to and actually takes possession of

the homestead under an executory contract for the sale thereof or under an agreement

with a lending institution which holds title as security for a loan, or is a resident

of a continuing care retirement community pursuant to a contract for continuing care

for the life of that person which requires the resident to bear, separately from any

other charges, the proportionate share of property taxes attributable to the unit

that the resident occupies; or c. a unit in a cooperative or mutual housing corporation which constitutes the place

of domicile of a residential shareholder or lessee therein, or of a lessee or shareholder

who is not a residential shareholder therein, which is used by the eligible claimant

as the eligible claimant's principal residence; or a mutual housing corporation. “ Homestead property tax reimbursement ” means the property tax benefit provided pursuant to P.L.1997, c. 348 ( C.54:4-8.67 et seq. ). “ Horizontal property regime ” means the form of real property ownership provided for under the “Horizontal Property

Act,” P.L.1963, c. 168 ( C.46:8A-1 et seq. ). “ Mutual housing corporation ” means a corporation not-for-profit, incorporated under the laws of this State on

a mutual or cooperative basis within the scope of section 607 of the Lanham Act (National

Defense Housing), Pub.L.849, ( 42 U.S.C. s.1521 et seq. ), as amended, which acquired a National Defense Housing Project pursuant to that

act. “ Principal residence ” means a homestead actually and continually occupied by an eligible claimant as the

eligible claimant's permanent residence, including a homestead on which an eligible

claimant made one or more payments in lieu of taxes to the municipality in which the

homestead is located, as distinguished from a vacation home, property owned and rented

or offered for rent by the eligible claimant, and other secondary real property holdings. “ Property tax ” means the general property tax due and payable by the owner of a homestead, based

on an assessment made by the municipality upon real property on an ad valorem basis

on land and improvements, and shall include payments in lieu of taxes. “ State resident ” or “ resident ” means an individual: a. who is domiciled in this State, unless the individual maintains no permanent place

of abode in this State, maintains a permanent place of abode elsewhere, and spends

in the aggregate no more than 30 days of the tax year in this State; or b. who is not domiciled in this State but maintains a permanent place of abode in

this State and spends in the aggregate more than 183 days of the tax year in this

State, unless the individual is in the Armed Forces of the United States. “ Stay NJ property tax credit ” means a property tax credit in the amount of 50 percent of an eligible claimant's

property tax bill. ”Task force ” means the Stay NJ Task Force established pursuant to section 18 of P.L.2023, c. 75 ( C.54:4-8.75o ). “ Tax year ” or “ taxable year ” means the prior calendar year, January 1 through December 31, in which a homestead

is assessed for property taxation and the property tax is levied thereon, and paid. “ Tax year quarter ” means a three-month period of a tax year consisting of January 1 through March 31,

April 1 through June 30, July 1 through September 30, and October 1 through December

31.