In an attempt to provide property tax relief to residents, the state of New Jersey has established the Homestead Benefit Program, which allows for a credit against property taxes paid in prior years. For 2015, applicants may apply for a credit against 2013 New Jersey property tax paid, assuming they meet certain eligibility requirements. In order for a New Jersey resident to qualify, they must have paid their 2013 property taxes for a home which was their principal residence on October 1, 2013. The Homestead Benefit is available only to those whose New Jersey gross income (does not include tax-exempt income) was less than $75,000 in 2013. The income limit is increased to $150,000 for those 65 or older or blind or disabled in 2013. Income limits apply equivocally to a single individual, as well as those married filing joint and separate.
According to the 2012 Homestead Benefit Program, the state paid more than $369 million in benefits to New Jersey homeowners, averaging around a $450 benefit per taxpayer. The state has not received the typical amount of applications for 2015 and has extended the due date to December 31, 2015 from October 30, 2015. Eligible homeowners may file applications with the state of New Jersey either online on the state website or by phone at 1-877-658-2972.