New Jersey S476 provides a 50% reimbursement for school property taxes paid by seniors aged 65 and older.
New Jersey S476, the "Homestead School Property Tax Reimbursement Act," offers a 50% reimbursement for school property taxes paid by seniors aged 65 and older. The reimbursement is funded by the Casino Revenue Fund and is phased in over three years based on income limits. In the first year, only seniors with incomes of $35,000 or less are eligible. The income limit increases to $75,000 in the second year, and there is no income limit in the third year and thereafter. A surviving spouse who is at least 55 years of age also qualifies for the reimbursement.
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