|
Department
of Finance,
Division of Collections and Revenue
Tax Relief Programs
NJ SAVER
Rebate
Who is eligible: Residents who owned and paid property
taxes on a home in New Jersey that was their principal
residence on October 1. NOTE: As part of the State
Budget for fiscal year 2003, the Legislature has mandated
that no NJ SAVER rebate will be paid to any individual
or married couple with gross income in excess of $200,000.
This restriction may or may not apply in future years.
What is the benefit: The rebate is based on equalized
home values (up to $45,000) and the effective school tax
rate for the municipality. Amounts vary by municipality.
How
to file: Call 1-877-658-2972 (toll free within New
Jersey, New York, Pennsylvania, Delaware and Maryland)
or 606-826-4288. Applications can also be filed on the
Division's Web site at: www.njsaverrebate.com.
When
to file: By June 30*
Homestead
Rebate
Who is eligible: Homeowners and tenants who pay
property taxes on their principal residence in New Jersey,
either directly or through rent, and whose gross income
does not exceed $100,000 ($40,000 for homeowners who are
not 65 years of age or disabled).
What
is the benefit: Rebate ranging from $90 to $790**
How
to file: Form HR-1040 (and For NJ-1040, if required),
or Homestead Rebate Application section of Form NJ-1040EZ,
or of a return filed electronically using NJ WebFile,
NJ TeleFile, or approved vendor software.
When
to file: By April 15 (or extended due date)*
Property
Tax Requirement
Who is eligible: Homeowners, including owners of
mobile homes located in mobile home parks, age 65 or older,
or receiving Federal Social Security disability benefits,
who paid property taxes on their principal residence in
New Jersey either directly or through mobile home park
site fees. Applicants must be New Jersey residents for
at least the past 10 years, and lived in the home for
which reimbursement is claimed for at least the last 3
years, and must meet certain income limits. Applicants
must meet all requirements for both base year and reimbursement
year.
What
is the benefit: Reimbursement of the difference between
the amount of property taxes paid for the base year and
the amount paid for the reimbursement year.
How
to file: Form PTR-1 for residents who did not receive
a prior year's reimbursement or Form PTR-2 for residents
who did receive a prior year's reimbursement.
When
to file: By March 15*
Property
Tax Deduction/Credit
Who is eligible: Homeowners and tenants who paid
property taxes on their principal residence in New Jersey
either directly or through rent during the year.
What
is the benefit: Either: (a) Deduction from taxable
income of the total amount of property taxes paid on principal
residence (for tenants, 18% of rent) or $10,000, whichever
is less; or (b) $50 refundable credit.
How to file: Form NJ-1040, Form NJ-1040EZ, a return
filed electronically using NJ WebFile, NJ TeleFile, or
approved vendor software, or Form HR-1040 if not required
to file an income tax return.
When
to file: By April 15 (or extended due date)*
Other
Senior Citizens' Annual Property Tax Deduction:
Annual deduction of up to $250 from property taxes for
homeowners age 65 or older or disabled who meet certain
income and residency requirements. This benefit is administered
by the local municipality.
Veterans'
Deduction: Annual deduction from taxes due on real
or person property paid to qualified war veterans and
their unmarried surviving spouses. The deduction is $200
for 2002 and $250 for 2003 and thereafter. This benefit
is administered by the local municipality.
*
When a due date falls on a weekend or holiday, the application
or return is due on the next business day.
**
This maximum benefit will be adjusted annually to reflect
changes in the cost of living.
|
