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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: http://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.
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