How Homestead Benefits Are Paid
Credit on Property Tax Bill. Most recipients get a credit on their tax bills. Your tax collector issues you a property tax bill or advice copy reflecting the amount of your benefit.
Check or Direct Deposit. You will receive a check or direct deposit only if:
- Your home was a unit in a co-op or a continuing care retirement community; or
- You indicated that you no longer owned your home.
When filing the Homestead Benefit application, if you no longer own the home that was your principal residence on October 1, 2016, or you plan to close on or before November 30, 2018, you must answer “No” to the question which asks whether you still own the property, or you risk losing your benefit.
The Homestead Benefit will reduce the tax bill of the person who owns the property on the date the benefit is paid. This means that if you indicated you still own the home when filing your application, and later sell it, the only way to receive your 2016 Homestead Benefit is to take credit for the benefit at the closing of your property sale. If you plan to sell your home, discuss these instructions with your attorney or closing agent so they can negotiate on your behalf.
Set–Off Program
Under New Jersey law, if you owe money to New Jersey, any of its agencies, or the Internal Revenue Service, we will deduct it from your Homestead Benefit. If we apply your benefit to any of these debts, we will notify you by mail.
Last Updated: Friday, 09/14/18
