Gov. Christie says he will restore N.J. property tax rebates

 

CHESILHURST — Gov. Chris Christie said today he will restore property tax rebates that were eliminated in the budget last year.

“We’re going to reinstitute the rebate this spring and you’re going to get it quarterly as a credit on your property tax bill,” Christie said at a town hall meeting.

Christie said the rebates will not come as an annual check, as it did in previous incarnations.

Christie said the October checks cost the state money to print and mail. He also said that the state had to borrow and pay interest on the rebates because they were made during the fall.

Beginning in the second quarter of this calendar year, Christie said taxpayers eligible for rebates will see a reduction in the property tax bills. Christie said as the 2 percent property tax cap takes effect, his office will also try to offset additional increases.

“We’re looking for a way to increase the amount we give each quarter,” Christie said. “When this year’s budget coming up we’re going to see if we can expand the program further to try to give people some relief as we expand this 2 percent cap.”

The homestead tax credit program allowed homeowners and tenants 65 or older or disabled residents with incomes of $150,000 or less, and other homeowners with household incomes of $75,000 or less to qualify for a partial credit against their property tax bill.

The average check was $1,300 for seniors and disabled; $700 for other homeowners earning $50,000 to $75,000 annually; and $900 for homeowners making $50,000 or less in 2009.

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About Maria Paulina Pagano

As a Realtor for the last twenty years and a Monmouth County resident for twenty-four years, I have accumulated extensive and invaluable knowledge of the Real Estate Market and Market Trends. Member of Ocean, Monmouth, & Middlesex MLS.
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