N.J. increases level of property tax relief

New Jersey homeowners who meet eligibility requirements have until the end of the month to apply for property tax relief programs.

Homeowners who earn less than $75,000–or up to $150,000 if they’re 65 or older or disabled–can apply for the Homestead Benefit. While it’s lower than the 2009 amount before the budget crisis caused cuts, New Jersey State Treasurer Andrew Eristoff said the amount of the benefit is rising again.

“We’re expecting about 938,000 people to qualify for the homestead benefit this year and we also project they will receive an average credit of $475 which is double last year’s benefit level,” Eristoff said.

Instead of a rebate, the Homestead Benefit will come in the form of a credit on local property tax bills.

Eristoff said more residents are also eligible this year for the Senior Freeze that reimburses older homeowners for increases in their property taxes.