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Property Tax Reimbursement
Who is eligible:
Homeowners, including owners of mobile homes located in mobile home parks, age 65 or older, or receiving Federal Social Security disability benefits, who paid property taxes on their principal residence in New Jersey either directly or through mobile home park site fees.
Applicants must be New Jersey residents for at least 10 years, and lived in the home for which reimbursement is claimed for the last 3 years, and must meet certain income limits. Applicants must meet all requirements for both base year (year applicant first became eligible) and reimbursement year.
What is the benefit:
Reimbursement of the difference between the amount of property taxes paid for the base year and the amount paid for the reimbursement year.
How to apply:
File Form PTR-1 and PTR-1A for residents who did not receive a prior year’s rebate or Form PTR-2A for residents who did receive a prior year’s rebate.
* If your computer doesn’t have the free Adobe Acrobat Reader software necessary to read and print the form, you can download it here.
When to apply:
By June 15.
Payment date:
To be mailed on or about July 15.
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2005 FAIR Rebate
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Property Tax Deduction/Credit
Who is eligible:
Homeowners and tenants who paid property taxes on their principal residence in New Jersey either directly or through rent during the year.
What is the benefit:
Either: (a) Deduction from taxable income of the total amount of property taxes paid on principal residence (for tenants, 18% of rent) or $10,000, whichever is less; or (b) $50 refundable credit.
How to apply:
File Form NJ-1040 (or Form HR-1040 if not required to file an income tax return).
When to apply:
By April 15 (or extended due date for filing Form NJ-1040).
Payment date:
NJ-1040 filers: Deduction reduces amount of taxable income (credit reduces amount of tax due) on New Jersey income tax return.
For those 65 or older or disabled and not required to file Form NJ-1040: Credit is paid with Homestead Rebate on July 31 provided Form HR-1040 is filed.
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