In June, New Jersey lawmakers revealed a new budget that will expand property tax relief for residents. The additions to the existing Homestead Benefit Act focus on low-income, disabled and senior homeowners in the state.
Review the updates to learn whether you may benefit from New Jersey property tax reform measures.
New forms of aid
Prior to the passage of the new budget, the state used 2006 tax information to calculate each homeowner’s annual relief check, averaging around $500. Moving forward, homeowners will receive an annual payment based on their 2017 tax returns. Governor Murphy estimates that eligible residents will see their payments increase by about $130 to $145.
New Jersey veterans who served in times of peace will receive expanded property tax relief. Previously, the state’s property tax deduction for veterans applied only to those who served in wartime.
New Jersey property tax appeal
Despite these measures, many Garden State residents struggle to afford exorbitant property taxes. If you find yourself in this situation, you have the right to appeal your tax bill with the state. Depending on the value of your property, you or your attorney can file the appeal with your county or directly with the tax court. In either case, you will have a chance to provide evidence to support your case at a hearing.
If you do not agree with the initial decision in your appeal case, you can also file another level of appeal with the state tax court. Understanding this process can improve your chances of receiving relief when you appeal your New Jersey property tax bill.