The Homestead Benefit is one of New Jersey’s most popular tax assistance programs, with roughly 520,000 homeowners who claim the credit.
The program is open to homeowners who are older than 65, blind or disabled and earn less than $150,000 annually, or homeowners under age 65 who are not blind or disabled and earn $75,000 or less, according to the state.
The program rebates around $600 of property taxes.
Why is it assumed that just because you are 65, you deserve a property tax rebate when earning up to $150,000 while young families earning more then $75,000 are not?
Pretty good, right? It gets better.
Seniors with an income up to $92,969 can apply and receive a check each year for property tax increases since they first year they were eligible. In other words from their point of view their taxes are frozen.
By the way New Jersey has the nation’s fourth-highest median household income. The median household income is $85,751 in New Jersey.