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This proposal could make it easier to apply for N.J. property tax credits

Friday, May 13, 2016   (0 Comments)
Share | 05/13/16

Sen. Michael Doherty (R-Warren) introduced a bill to spur state officials to streamline the application process and cut back on the amount of information applicants have to supply the state. Under the bill (S2213), the state would look into, and if possible, implement a centralized  system where the Division of Taxation can verify applicants' property tax data rather than requiring homeowners to seek out and submit the information. 

"This rebate is a valuable tool for homeowners to ease the burden of our high property taxes in New Jersey," Doherty said in a statement. "We need to eliminate any roadblocks they might encounter and make it easier for more people to take advantage of this program."

The head of the Division of Taxation would have six months to explore the feasibility of creating that system and then four months to implement it.

The Homestead credit, which is credit against a person's tax bill, is the state's most powerful tool against sky-high property taxes. The average residential tax bill in 2015 hit $8,353 in 2015, and property taxes consistently rank New Jerseyan's top concern.

Those aged 65 or older or who are blind or disabled must have earned $150,000 or less to qualify, and $75,000 or less if they were under age 65 and not blind or disabled.

This year's budget includes $341 million for the Homestead credit. Under the budget, 475,000 seniors and people with disabilities will receive, on average, $515 and 220,000 other homeowners earning up to $75,000 will receive, an average of $404.



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