NJ Homestead Rebate Forgotten at Settlement, Get Yours or Lose Yours!

As taken from Page 2 of your NJ Homestead Rebate Application:
I owned a home in New Jersey on October 1, 2009, but have since sold it and moved. How will I get my benefit?
If you were the owner/occupant of the property listed in the application packet on October 1, 2009, and you sold the home before you file your application, be sure to answer “No” to the question “Do you still own the property for which you are filing this application?” when filing. In this case, any homestead benefit for which you are eligible will be issued in the form of a check (or direct deposit if you prefer) on or after May 1, 2011. If you sell your home after you file your application, be sure to take the amount of the benefit into consideration at settlement as the homestead benefit stays with the property, not the owner. 

Recently it has come to my attention people are losing their deserving NJ Homestead Rebates.  If you filed your 2009 NJ Homestead Rebate, lived in your home on October 1, 2009 and sold your home since filing, then you must ask for the amount at settlement or the new owner of your home will benefit from your NJ Homestead Rebate. 

My biggest dilema is how to figure what is coming back to you.  It;s not a complicated calculation but it takes a little digging.  Here it is:

Homeowners Under Age 65 and NOT Disabled The homestead benefit for 2009 will be paid as a one-time credit applied to the property tax bill for the second quarter of 2011.
If your 2009 New Jersey gross income* is...	Your benefit amount** is calculated by …
Not over $50,000	Multiplying the amount of your 2006 property taxes paid (up to $10,000) by 20% and then dividing by 4
Over $50,000 But not over $75,000	Multiplying the amount of your 2006 property taxes paid (up to $10,000) by 13.34% and then dividing by 4
Over $75,000	Not eligible

 So if you made 65,000 and your property taxes were $9000 for 2006.  Multiply 9000 x 13.34% =1201.00 divided by 4=300.00 for your rebate.  You would ask for this amount at settlement   Notify the settlement clerk of your title company.  Real Estate agents, you will do your seller clients a great service by putting this amount in your settlement figures and reminding the title clerk to credit your seller these rebate amounts.

Homeowners Age 65 or Older and/or Disabled The homestead benefit for 2009 will be paid as a one-time credit applied to the property tax bill for the second quarter of 2011.
If your 2009 New Jersey gross income* is...	Your benefit amount** is calculated by …
Not over $100,000	Multiplying the amount of your 2006 property taxes paid (up to $10,000) by 20% and then dividing by 4
Over $100,000 But not over $150,000	Multiplying the amount of your 2006 property taxes paid (up to $10,000) by 10% and then dividing by 4
Over $150,000	Not eligible

Also be sure you make consideration of non taxable income for NJ which is not included in the calculation of the incomes for the above graphs.

So Don't forget  Ask for your money or you will lose it...
Good luck and if you have any questions please contact me 609-868-1171  lsarlo@comcast.net