Variations in Receipt of Benefit
Benefit Varies with Income
Benefits are based on property taxes paid in 2006 up to a maximum of $10,000 and are determined by a sliding scale of relief based on income. For homeowners 65 and over or those who are disabled, income cannot exceed gross income of $150,000. For those with income below $100,000, tax relief is 5% of property taxes paid and 2.5% for those with income between $100,001 and $150,000. The benefit amount cannot exceed the the property taxes actually paid. The rebate lags by several years as a result of past budget issues. Applications for the 2017 Senior and Disabled Homestead Benefit (paid in 2021) are due by November 30, 2019. A rebate equal to 2.5% (for 2017 incomes of $100,000 or less) or 5% (for 2017 incomes between $100,001 and $150,000) of property taxes paid in 2006 will be paid in May 2019 based upon FY 2019 appropriations. Applications can be made online or by calling the state Department of the Treasury.
How is Benefit Disbursed
Credit to the property tax bill
Eligible Property Type
Characteristics of Eligible Property
Only residential property that is the taxpayer's permanent residence is eligible for this program.
Description of Eligibility Criteria
Applicant must be age 65 or older or disabled. An applicant's household income cannot exceed $150,000.
Local Option in Adoption of Program
Local government is unable to exercise an option
Local Option Regarding Program Features
No local option regarding program features
State Funding for Local Tax Loss
State reimburses all of the local government tax loss
Description of State Funding for Tax Loss
State provides the full funding for the credit.
[https://www.state.nj.us/treasury/taxation/homestead/prioryear.shtml Accessed 11/24/2020]
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