20 Aug What’s the maximum for the Homestead Rebate?
Q. The maximum homestead rebate in 2018 was $1,000 payable in two segments: $500 for May and $500 for November. There was a maximum rebate this past May 2019 for $500. Does the recently approved state budget provide funds for maximum rebates for November 2019 and May 2020?
A. Good question.
The Homestead Rebate is a property tax break for eligible New Jersey homeowners.
The New Jersey Appropriation Act included nearly $238 million in funding for the Homestead Rebate program, said Bill Connington of Connington Wealth Management in Fairfield.
He said the current maximum, as you noted, is $550 every six months.
“If you received that in May, you should see that amount again in November,” he said.
There are a few things to remember about the rebate, he said.
He said most recipients get the rebate as a credit on their property tax bills.
“You receive a check if you no longer own that home or the home was a co-op or continuing care care retirement community,” Connington said. “If you owe money to the state of New Jersey or the IRS, it will be deducted from your Homestead Rebate and you will be notified by mail.”
Also remember that payments of Homestead Rebate are always two years behind, so the budget this year was for rebates in 2016.
Learn more about eligibility requirements here.
Email your questions to moc.p1571463813leHye1571463813noMJN1571463813@ksA1571463813.
This story was originally publishedon August 20, 2019.
NJMoneyHelp.com presents certain general financial planning principles and advice, but should never be viewed as a substitute for obtaining advice from a personal professional advisor who understands your unique individual circumstances.