New Insurance Requirement
As of November 3, 2022, landlords and business owners in New Jersey are required to carry $500,000 in liability insurance for deaths or bodily injuries that may occur at their properties. For small, multifamily rental properties that are owner-occupied, the minimum liability insurance is $300,000. Proof of compliance is supposed to be provided annually to the municipality in which the business or property is located, but the bill does not specify how that is to be accomplished.
Bye-Bye Homestead Rebate, Hello Anchor Program
New Jersey replaced the popular Homestead Rebate program with the Anchor Program. A resident who owned or rented a principal residence on October 1, 2019 with income under the statutory limit can apply for this benefit by December 30, 2022. Application can be online(https://www1.state.nj.us/TYTR_Saver/jsp/common/HBWelcome.jsp ), by telephone (877-658-2972), or with a paper application, available for homeowners with instructions at https://www.state.nj.us/treasury/taxation/pdf/anchor/anchor-h.pdf. You will need your 2019 income information to file.
