54:4-8.75e Stay NJ property tax credit, distribute, tax collector, eligible claimant, homestead, municipality.
495 words·~2 min read·
/nj/title-54/chapter-4/54-4-8-75e·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
5. a.
(1)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, on a quarterly basis, beginning February 1, 2026, 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 by check or direct deposit payable to the eligible claimant or by a credit against the property tax bill of the eligible claimant payable 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 by check or direct deposit. In any year that the director determines that a Stay NJ payment shall be made as a credit, 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.
(2)Notwithstanding the provisions of this section to the contrary, for the first year in which the Stay NJ property tax program is implemented, each Stay NJ property tax credit awarded an eligible claimant shall be paid and distributed by check or direct deposit.
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.
L.2023, c.75, s.5; amended 2024, c.88, s.4.