New Jersey Homeowners Homestead Benefit In my October 11, 2010 post I explained how the New Jersey Homestead Rebate has been replaced with the New Jersey Homestead Benefit for 2009New Jersey homeowners who qualify for the New Jersey Homestead Rebate NOW known as the New Jersey Homestead Benefitwill NO longer receive a check in the mail or a direct deposit.  Under the "new" New Jersey Homestead Benefit, New Jersey homeowners who qualify for the New Jersey Homestead Benefit will receive a credit on their property tax bill for the second quarter of 2011.    After April 1, 2011, eligible New Jersey homeowners can expect to receive a revised property tax bill or advice copy from their tax collector that will reflect the amount of the homestead benefit.  Another significant change to the New Jersey Homestead Benefitwas that tenants will NOT receive a rebate for 2009. 

The original filing deadline date for your New Jersey Homestead Benefit was November 1, 2010 but on October 28, 2010 the State of New Jersey extended the filing date to January 3, 2011 to allow more eligible New Jersey homeowners time to file.

The New Jersey Homestead Benefit calculation is based on the applicant's:

  • 2009 New Jersey gross income,
  • 2009 filing status (single, married, filing jointly, head of household, etc.),
  • Age/disability status (whether applicant was age 65 or older and/or disabled on December 31, 2009), and
  • Property taxes paid in 2006 on principal residence.

HOMEOWNERS AGE 65 OR OLDER AND/OR DISABLED

The New Jersey Homestead Benefit for 2009 will be paid as a one-time credit applied
to the property tax bill for the second quarter of 2011.                              

If your 2009 NJ gross income is...

Your benefit amount is calculated by...

Not over $100,000

Multiplying the amount of your 2006 property taxes paid (up to $10,000) by 20% and then by dividing by 4

Over $100,000 but not over $150,000         

Multiplying the amount of your 2006 property taxes paid (up to $10,000) by 10% and then dividing by 4

 

Over $150,000        

Not eligible

HOMEOWNERS UNDER AGE 65 AND NOT DISABLED

The New Jersey Homestead Benefit for 2009 will be paid as a one-time credit applied
to the property tax bill for the second quarter of 2011.                              

If your 2009 NJ gross income is...

Your benefit amount is calculated by...

Not over $50,000

 

Multiplying the amount of your 2006 property taxes paid (up to $10,000) by 20% and then by dividing by 4

Over $50,000 bt not over $75,000  

Multiplying the amount of your 2006 property taxes paid (up to $10,000) by 13.34% and then dividing by 4

 

Over $75,000

Not eligible

 For more information please visit:  State of New Jersey, Division of Taxation.  Information on the Property Tax Reimbursement (Senior Freeze) Programs can also be found by clicking the link above.  

New JerseyNew Jersey Homeowners, remember to file your 2009 New Jersey Homestead Benefit Application by January 3, 2011 and make sure you understand that the New Jersey Homestead Rebate has been replaced with the New Jersey Homestead Benefit!  I can't believe how many New Jersey homeowners I've spoken to that don't realize that they will NOT be getting a check this year!

You may be too late to qualify for the 2010 Homestead Benefit if the occupancy date remains as October 1st but it's never too late to become a New Jersey homeowner.  If you are thinking about buying a home in New Jersey, please contact New Jersey Real Estate Agent, Gina Chirico.

 

 

Proudly Serving the Real Estate Needs of Buyers and Sellers in New Jersey,

 As always, Essex County Real Estate at its BEST!

Fairfield New Jersey Real Estate Agent Gina Chirico Lattimer Realty
Gina Chirico, Sales Associate
Lattimer Realty
397 Route 46 West 
Walgreens Shopping Plaza
Fairfield, NJ 07004 
Cell: 973-715-1158
Office: 973-575-6353 ext 17
Fax: 973-882-8543
http://GinaChiricoRealEstate.com
Gina@GinaChiricoRealEstate.com

****With deep roots in Essex County, I service buyers and sellers throughout many Essex County towns and neighboring Morris, Passaic and Union Counties, specializing in the West Essex Communities of Fairfield, Caldwell, West Caldwell, North Caldwell, Roseland, Essex Fells, Verona and Cedar Grove and my hometown areas of Belleville, Bloomfield, Nutley and Little Falls.****

 When opportunity knocks....Gina Chirico is there to answer the door

When Opportunity Knocks...Make Sure Gina Chirico is There to Answer Your Door!

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