New Jersey Statutes 54:4-8.75e. Stay NJ property tax credit, distribute, tax collector, eligible claimant, homestead, municipality
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Terms Used In New Jersey Statutes 54:4-8.75e
- collector: when used in relation to the collection of taxes or water rents or other public assessments, includes all officers charged with the duty of collecting such taxes, water rents or assessments, unless a particular officer is specified. See New Jersey Statutes 1:1-2
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) Source: OCC
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
- State: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
5. 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.
L.2023, c.75, s.5.