Administration Warns that Budget Uncertainty Will Prevent Homestead Benefit Credits from Appearing on November Property Tax Bills
Senator Anthony M. Bucco urged the Murphy Administration to work with the Legislature to ensure that critical property tax relief payments to low-income, disabled, and senior residents are not disrupted going forward.
Sen. Tony Bucco urged the Murphy Administration to work with the Legislature to ensure that critical property tax relief payments to low-income, disabled, and senior residents are not disrupted going forward. (Pixabay)
“New Jersey families continue to struggle with lost jobs, furloughs, and financial hardship as a result of this unprecedented crisis,” said Bucco (R-25). “Even while their paychecks and ability to earn have been reduced, their property tax bills still must be paid in full. That’s why it’s imperative that lawmakers and the governor work together on a bipartisan basis to ensure that Homestead Benefit credits can appear on property tax bills due in November.”
Treasury officials told a legislative committee that Homestead Benefit credits will not appear on upcoming property tax bills due to the uncertainty of funding in the upcoming State Budget that must be adopted by September 30th.
Even if funding for property tax relief is secured in an adopted budget, they warned there would not be enough time to process the credits that would appear on property tax bills due a month later on November 1st.
In response to the State revenue shortfall that resulted from COVID-19, a series of scheduled Homestead Benefit credits and Senior Freeze property tax reimbursement payments going back to May were not made.
“The Treasury Department is telling us that the uncertainty of funding in the upcoming budget and a shortened window to process payments will prevent Homestead Benefit credits from being provided this November,” added Bucco. “We have the ability to resolve this problem today to ensure that homeowners get the property tax relief they deserve. Governor Murphy and legislative leaders should come together immediately to commit to funding property tax relief programs in the upcoming budget, regardless of how the rest of the budget is negotiated. By making that commitment well in advance of the budget’s adoption, we can provide the certainty that the Treasury Department needs to provide Homestead Benefit credits this November. That would be welcome news for struggling homeowners and a bipartisan accomplishment that we all could be proud of.”
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