New Jersey § 54:4-8

§ 54:4-8.

a. The State Treasurer, upon certification of the director and upon warrant of the

Director of the Division of Budget and Accounting, shall pay and distribute the amount

of a Stay NJ property tax credit payable under P.L.2023, c. 75 ( C.54:4-8.75a et al.) that is claimed for the tax year to the tax collector of the municipality

in which each eligible claimant whose credit is approved by the director is located;

provided, however, a credit due to an eligible claimant who claimed a Stay NJ property

tax credit pursuant to section 3 of P.L.2023, c. 75 ( C.54:4-8.75c ), and whose homestead is a unit in a cooperative, mutual housing corporation, or

continuing care retirement community, shall be paid directly to the eligible claimant

by the State Treasurer. A Stay NJ property tax credit allowed by the director to an eligible claimant who

claimed a Stay NJ property tax credit pursuant to section 3 of P.L.2023, c. 75 ( C.54:4-8.75c ), and whose homestead is not a unit in a cooperative, mutual housing corporation,

or continuing care retirement community, shall be paid by the State Treasurer through

electronic funds transfer made by the director to the local property tax account maintained

by the local property tax collector for the homestead of an eligible claimant as the

eligible claimant shall identify, in four equal installments after the application

for the credit has been approved. The State Treasurer shall pay and distribute Stay NJ property tax credit payments

to each municipal tax collector or eligible claimant, as applicable, on a quarterly

basis at least 10 days prior to the statutory due date for each property tax year

quarter payment. Notice of payments of Stay NJ credit installments shall be provided to the eligible

claimant and the appropriate local tax collector. b. Each municipal tax collector who applies a Stay NJ property tax credit to the property

tax account of the homestead of an eligible claimant pursuant to this section shall

provide timely notice thereof to the eligible claimant and to any mortgagee or servicing

organization noted on the property tax account that requires a mortgagor to make property

tax payments to an escrow account, for the purpose of encouraging the escrow account

property tax requirements to be promptly adjusted to the benefit of the property tax

taxpayer on account of Stay NJ property tax credit payments.