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Bill

A 2426

Increases gross income tax credit for homestead property taxes paid from $50 to $200.

2026-2027 Regular Session Introduced by Tennille McCoy and 1 co-sponsor

New Jersey bill increases homestead property tax income tax credit from $50 to $200, expanding tax relief for owner-occupied primary residences.

Introduced, Referred to Assembly Housing Committee
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Bill Summary · A 2426

Legislative bill overview

Bill A 2426 increases the gross income tax credit for homestead property taxes paid from a maximum of $50 to $200 per filer. This tax credit applies to New Jersey residents who own and occupy their primary residence and pay property taxes. The bill would provide greater tax relief to eligible homeowners on their state income tax returns.

Why is this important

New Jersey has among the highest property tax burdens in the nation, making property tax relief a persistent policy concern. This increase would provide more meaningful financial relief to homeowners, particularly middle and lower-income households struggling with housing costs. The expanded credit could affect state tax revenue while potentially improving affordability for homeowners already receiving this benefit.

Potential points of contention

  • Fiscal impact: The state must balance increased tax credits against budget constraints; projections on how many filers would benefit and total cost are critical unknowns
  • Targeting and equity: Questions about whether the $200 credit adequately helps those with the highest tax burdens, or whether it broadly benefits all eligible homeowners regardless of income level
  • Adequacy of relief: Critics may argue that a $200 annual credit addresses only a small fraction of New Jersey's property tax problem, while supporters may view it as meaningful incremental progress

Compiled from official sources — confirm details with the bill’s official record.

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