2012 Homestead Benefit
Most homeowners will receive their benefit as a credit on a future property tax bill. Your tax collector will issue a property tax bill or advice copy reflecting the amount of the benefit.
You will receive a check (or direct deposit) if:
- Your home on October 1, 2012, was a unit in a co-op or a continuing care retirement community; or
- You indicated that you no longer own the property that was your principal residence on October 1, 2012. (See Homeowners Who Sold or Plan to Sell Their Homes for more information)
The homestead benefit calculation is based on your:
- 2012 New Jersey gross income,
- 2012 filing status (single, married, filing jointly, head of household, etc.),
- Age/disability status (whether you were age 65 or older and/or disabled on December 31, 2012),
- Property taxes paid in 2006 on your principal residence.
Amounts received under the Homestead Benefit Program are in addition to the State’s other property tax relief programs. The total of all property tax relief benefits received (homestead benefit, property tax reimbursement, property tax deduction for senior citizens/disabled persons, and property tax deduction for veterans) cannot exceed the amount of property taxes paid on your principal residence for the same year.
If you receive a benefit that is larger than the amount for which you are eligible, you must repay any excess received. The Division can deduct the amount owed from your homestead benefit or income tax refund or credit before the payment is issued.
Note: Eligibility requirements and benefit amounts for 2012 will not be finalized until the completion of the State Budget for FY 2015, which must be adopted by July 1, 2014. Homestead benefits for 2012 are expected to be applied to May 2015 property tax bills. Additional information on the 2012 homestead benefit will be posted when it becomes available.
Send an e-mail about your Homestead Benefit