New Jersey Homestead Benefit Update

New Jersey Homestead Benefit Update

The New Jersey Homestead Benefit is a credit available to taxpayers owning a home who are 65 years of age or older or disabled. This taxpayer benefit has been available for many years and is based on a percentage of the property tax paid a few years prior to submission of the application. For example, if a taxpayer was deemed eligible, the most recent credit, the 2014 Homestead Benefit, was calculated based on the property taxes paid on a personal residence in 2006. In general, the Homestead credit is calculated based on the taxpayer’s New Jersey gross income, filings status, and age/disability status.

On July 13, 2017 the state of New Jersey has advised all participants in this program that this credit will now appear as a reduction on the property tax bill versus a check sent in the mail. Going forward an eligible taxpayer for a 2014 Homestead benefit calculated above should see the credit as a reduction of the May 2017 property taxes. If a taxpayer is expecting a credit and does not see it on their bill they should contact their local tax office.

For more information, or if you have any questions about this or any other tax matter, please contact your Wilkin & Guttenplan advisor or email us at This email address is being protected from spambots. You need JavaScript enabled to view it..

Career Center
Awards
Videos

BestPlacesLogo2017cmyk Millennials Best Places logo Final  2017 IPA 300 WebACTBestFirms2017