State of New Jersey Property Tax Relief At Last!

A loud sigh of Relief was heard from New Jersey Homeowners when the State Senate passed legislation yesterday to provide tax credits between 10-20% for Homeowners earning up to $200,000 per year. Although the bill had stalled in the Senate on Monday, it was passed yesterday. Some skeptics are concerned that this may be an election year gimmick but for now, there is hope on the horizon.

The bill has not yet been signed into law but if it is, homeowners would receive "up to" a credit of $2,000. Credit should be applied to property tax bills of up to $10,000 per year, with $2,000 as the credit maximum as follows:

Homeowners earning up to $100,000 would receive a 20% credit, earners from $100,000 to $150,000 would receive 15% credit and $150,000 to $200,000 in earnings would receive 10% credit.

Homeowners would have to apply for the credit by submitting a form along with their income tax returns. For Homeowners who pay their property taxes through their monthly mortgage, their banks would either send them a check or roll the credit into their escrow account. No Senior would receive less than the $1,200 that they now receive for their Homestead Rebate.

Govenor Corzine expressed his support for the bill but has not yet signed.

As life long Bergen County residents and Homeowners, we are anxious to see if this will bring us some relief from the escalating Taxes. My Mother is like many Seniors who are being squeezed to cut back and watch their pennies so this will be welcome news for her as well as all Senior Homeowners in the Garden State.

For all your Real Estate needs, call Bob & Lisa at (201)218-6802 or visit us online at www.HammersTeam.com, your Full Service Realtor Team.