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 

NJ PROPERTY OWNERS TAKE ACTION

http://takeaction.realtoractioncenter.com/campaign/2010budget?rk=apLFII5aISofE

Let your elected officials know that the elimination of the property tax deduction sends the wrong message, and that protecting homeownership is key to our economic recovery.

Click Here to send a letter to Governor Corzine, your assemblyperson and your state senator.

Corzine Budget Hurts Property Owners

Governor Jon Corzine, to a joint session of the New Jersey Legislature, announced plans to eliminate the ability for all non-senior households, regardless of income, to deduct property taxes from their state tax filings. The elimination of the deduction is expected to raise $420 million in revenue, which will be used to fund a greatly scaled back property tax rebate program that only reaches a select few.



As the leading advocate for homeowners and the real estate industry in the state, the New Jersey Association of REALTORSâ (NJARâ) is adamantly opposed to this proposal. In an effort to support the real estate industry as a whole, we must lend a voice to all property owners. NJARâ asks that you join our fight to boost the real estate industry by joining in our opposition to this proposal. Governor Corzine’s efforts to do away with the property tax deduction in order to fund the rebate program are imprudent. The rebate program is a short-term fix that does not offer a long-term solution to our state’s crippling property tax dilemma.



http://www.NJHomeHunter.com

How to Reduce Real Estate Taxes

Real Estate Taxes Appeal and Win !

Appeal Today Save hundreds or thousands Each Year After
It's Easy When you know How!

During uncertain economic times such as what were are experiencing now, the effort of appealing a property tax bill may prove well worth the time and effort involved.

Most people are intimidated to "fight city hall" but the fact is it's easier than you may think with proper information. Yes you can hire an attorney, the cost is around $1000 and more and even they will hire an appraiser to do most of the work anyway. There are companies that do it for a percentage of your savings... So if you save $1200 you pay them $600 depending on the agreed terms. You can hire an appraiser, but in most states if you hire an appraiser you also have to have them come to your hearing... So that process is about $600-$900. OR you can do it yourself in about 2 hours. Some realtors charge a small fee to compile comparables and others don't. The hearing is a very informal... You really want to try and discuss your case of tax reduction with the assessor at his office first. But usually that will be like beating a dead horse, but armed with organized data you could influence a change. Don't be fooled by the nice person behind the counter in your local office or the tax assessor. They are not personally attacking you, their job is to not destroy the tax base. While the majority of us are not appealing property taxes, the assessor's job is made easier by you just allowing them to charge you year after year the same amount. It's up to you to prove your home's value. Oh and when was the last time your property taxes were reduced? I have successfully fought my taxes on my properties for over 20 years and I now use an organizational system that makes it easier than I could ever imagine.

No Matter What State You Live in there is an Opportunity To Lower Your Taxes Now, But Your Window is Closing. About 2 hours of work could save you Thousands of Dollars, year after year after year. You will receive your tax break every year after, meanwhile your neighbors will be still paying higher tax bills... Reduce your taxes. Take advantage of economic times, otherwise while your property values decrease you will still be paying more in property taxes. Doesn't seem right does it?

Time to Appeal Your Property Tax

Time is limited You Must Prepare Now!

As the price of homes has skyrocketed in the USA, so have the property taxes. Now the price of homes are decreasing, your assessment is way over valued and not appealing your property tax now can cost you thousands of dollars...

It was estimated by the National TaxPayers Union, that 60% of all property owners are over paying on their real estate taxes. You could be leaving tens of thousands of dollars on the table, year after year. Yet only 2% of property owners bother to appeal...

Reducing property taxes is immediate and very rewarding to an owners bottom line and ironically increases your property's value. Once you establish your new tax assessment, the savings is ongoing year after year. And in economic times as we have today the savings is significant and is well worth your time to fight for a reduction in your property taxes .

If you want to fight your taxes and fight them right, here is a link (Organize and fight for a reduction in your property taxes) that will get you organized and ready to win. With help from your local realtor and a little time you can save hundreds maybe thousands year after year. Don't put this off! Start today and save tomorrow...

Here is a link of most tax assessor's offices nationwide to start your search Nationwide Tax Assessor Search

During uncertain economic times such as what were are experiencing now, the effort of appealing a property tax bill may prove well worth the time and effort involved.

The Appeal Process in simple form:

• You must present proof of the value that your home is less than what you assessor has indicated on your property tax card.
• In order to do this you should have current real estate listings and current real estate sales. 3 each is a good number...
• You must present proof of the value that your home is less than what you assessor has indicated on your property tax card.
• Ultimately if you have all your ducks in line and your rehearsed speech your assessor will comply and take off hundreds and even thousands of tax dollars off your home property tax. It's really that simple! If he does not agee then you apply to the county for a reduction and you appear before a the county assessors

If you need help try this...Click here for help Appealing Your Property Tax This will help you organize and process your application to reduce your property taxes the right way, the first time! It's a low cost $39.00 Ebook but it will definitely help and definitely worth every penny.. I use the same materials...