New Jersey - Homeowner Property Tax Relief On The Way

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New Jersey - Governor Jon S. Corzine announced today that approximately one million New Jersey non-senior homeowners will soon be pocketing an average of nearly $1,000 each in relief with today’s mailing of Homestead Rebate checks for 2007.

“In these difficult economic times, it more important than ever to help ease the property tax burden on New Jersey families,” said Governor Corzine. “While we worked with the Legislature to cut overall budget spending by $600 million this year, we still increased property tax relief and preserved rebates for most citizens at last year’s record high levels. At the same time, we’ve put reforms into place that will go a long way toward permanently stabilizing property taxes.” 

The Governor’s comments were delivered at the rebate check distribution point – the Office of Information Technology’s “HUB.”

The checks will start arriving in mailboxes tomorrow. This is the second and final major mailing for the homestead rebates, as senior citizens and tenants received their checks in late July. Approximately 1.6 million homeowners will receive the checks this year.

State Treasurer David Rousseau said that eligible non-senior, non-disabled homeowners (under age 65 and not disabled as of December 31, 2007) who filed their applications by August 15 can expect to receive their 2007 rebate checks in this mailing. Those who requested direct deposit will have their rebates deposited directly into their bank accounts.

Applicants with incomes of $150,000 or less will receive a percentage of the first $10,000 of property taxes paid in 2006. The percentage of property taxes is dependent on income.

Homeowners with incomes of $100,000 or less will receive 20 percent of the first $10,000 of property taxes paid in 2006; those whose incomes are between $100,001 and $150,000 will receive 10 percent of the first $10,000 of property taxes paid in 2006. Those with income over $150,000 are not eligible for the rebate this year.