05 May Is the Homestead Rebate for homeowners running late?

Q. As a homeowner, I think we’re behind on receiving the Homestead Rebate, perhaps at least two years. If that is so, will the state catch up on those before this new relief goes into place? Also, as a landlord — I own two rentals — would I receive the rebate?
— Confused

A. Thanks for the your question.

The Homestead Rebate can get confusing, and it does run a few years late.

It only applies only to privately-owned homes for New Jersey residents, said David Principe, a certified financial planner with SAGEbroadview Wealth Management in Morristown.

The 2018 Homestead payments should be paid to eligible taxpayers beginning in May 2022, he said. The deadline to file for that benefit was Nov. 30, 2021.

In order to be eligible, Principe said, you must have been a New Jersey resident who owned and occupied a home in New Jersey that was your principal residence on Oct. 1, 2018. You also must have paid 2018 property taxes on that home and met the income requirements: $150,000 or less for homeowners aged 65 or over, blind, or disabled, or $75,000 or less for homeowners under age 65 and not blind or disabled

If you owned more than one property in New Jersey, only file the application for the property that was your principal residence on Oct. 1, 2018, he said. If you own and occupy a property with multiple units, you would receive a prorated benefit proportional to the unit that you inhabit, he said.

The program has other eligibility stipulations:

You must actually be required to pay property taxes on your home – some homeowners are exempt or made other municipal payments in lieu of tax, he said.

Also, vacation homes, second homes or properties rented to someone else do not qualify, he said.

“The state budget did not appropriate monies for funding rebates to tenants, thus a rented property does not qualify for either the landlord or the tenant,” Principe said.

For more information, including frequently asked questions and details on how to file paper applications, check out the Division of Taxation website.

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This story was originally published on March 5, 2022.

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