Return of the New Jersey Homestead Rebate

L. 2017, A5000, effective 07/04/2017, establishes homestead benefit eligibility for the 2015 tax year. The legislation provides that taxpayers who are at least 65 years of age, disabled or blind will receive a homestead benefit for the 2015 tax year of: (1) 10% of the first $10,000 of property tax paid on their residence if their New Jersey gross income was not in excess of $100,000; (2) 5% of the first $10,000 of property tax paid on their residence if their New Jersey gross income was in excess of $100,000 but not in excess of $150,000; and (3) no benefit if their New Jersey gross income is in excess of $150,000. Taxpayers who are under 65 years of age and not disabled or blind will receive a homestead benefit of: (1) 10% of the first $10,000 of property tax paid on their residence if their New Jersey gross income is not in excess of $50,000; (2) 6.67% of the first $10,000 of property tax paid on their residence if their New Jersey gross income is in excess of $50,000 but not in excess of $75,000; and (3) no benefit if their New Jersey gross income is in excess of $75,000.