01 Sep I’ve never applied for the Homestead Rebate. Can I?

Q. I own a condo that I bought in 1994. I’m 69 and retired. Can I apply for the Homestead Rebate? I have never applied before.
— Owner

A. There are changes coming to the Homestead Rebate.

But let’s first discuss past years for the rebate program.

You may have qualified for the rebate if you were a resident of New Jersey and if this condominium was your primary residence in 2018, said Jody D’Agostini, a certified financial planner with Equitable Advisors/The Falcon Financial Group in Morristown.

You also must have paid all your 2017 property taxes

There are also income limits to qualify, she said.

“The filing deadline for tax year 2018 was Nov. 30 of 2021, so unfortunately, you cannot still receive the rebate,” she said.

And changes are coming.

There is a new property tax relief program that is replacing the Homestead Rebate. It’s called ANCHOR, short for Affordable New Jersey Communities for Homeowners and Renters.

“It is supposed to provide rebates for up to 2 million taxpayers in New Jersey,” she said. “They anticipate the average payout will be $971.”

It includes homeowners and tenants.

“It provides credits of up to $1,500 to taxpayers with 2019 gross incomes up to $150,000 and $1,000 for those with gross incomes between $150,000 and $250,000,” she said. “Tenants also can qualify for $450 with gross income up to $150,000. The applications will be available this fall by phone or mail like the Homestead Rebate and need to be completed by Dec 30.”

Benefits are expected to be paid out by May 2023, she said.

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This story was originally published on Sept. 1, 2022.

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