2012 Homestead Benefit
Property Taxes Paid on Principal Residence
Under the terms of the proposed State Budget for FY 2015, the 2012 benefit would be calculated using 2006 property taxes. If no property taxes were assessed on the applicant’s principal residence for 2006, the Division of Taxation would determine the amount of property taxes that would have been due for 2006 by using the current assessed value and the 2006 property tax rate.
In addition, the benefit cannot exceed the homestead rebate amount paid for 2006 unless there was a change in filing characteristics (e.g., reduction in income range, change in age/disability status or filing status, or increase in percentage of ownership).
Multiple Owners/Multiple Units. When the property is owned by more than one person (other than husband and wife/civil union partners), only the proportionate share of property taxes for an applicant’s percentage of ownership in the property is used when calculating the benefit. For a property that contains more than one unit, only the proportionate share of property taxes for the unit the applicant occupies as their principal residence will be used.
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.