New Jersey Homebuyer Tax Credit Program offers tax credits for first-time homebuyers on certain home purchases.
The New Jersey Homebuyer Tax Credit Program provides a tax credit for first-time homebuyers on certain home purchases. The credit is up to $15,000 or five percent of the purchase price, whichever is less, and is applied over three years. To qualify, the homebuyer must be a New Jersey resident, a natural person, and must not have owned qualified residential property previously. The homebuyer must also intend to use the home as their principal residence for 36 consecutive months after the purchase. The value of the qualified residential property cannot exceed $560,000.
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