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Confusing

NJ Saver is for people earning between $100-200k. Homestead rebates are for people earning under $100K.  They are separate names for property tax rebates, and the Corzine plan will combine the two of them and call the check you get a 'property tax rebate' no matter your income level.

by Matt Stoller on June 06 at 10:21 AM EST
[ Parent ]


Relief?

Respectfully, the answer is unclear.

The combined income of my wife and I is $130k. The taxes on our modest 2 bedroom 1400 square foot house are $9,000.

Our NJSaver Rebate last year was $800.

If I read the pdf correctly my "Corzine" rebate will be $500.

So, do you mean by "combined" that I could reasonably expect in the $800 to be added to the $500 for a total of $1,300?

I am not asking for any kind of comment or guarantee for my particular case, only trying to understand if I can expect more that the Coezine's $500 rebat which is actually lower that what I receive now.

by Right of Center on June 06 at 10:36 AM EST
[ Parent ]


i don't understand your situation

Basically, in this plan your rebates should go up, not down.

A couple of notes:

  1. You are misreading the PDF.  The chart you are looking at is a list of the existing rebate numbers.  Corzine's plan increases those by 10%/year.

  2. According to the NJ Division of Taxation, people in your income bracket were only eligable for a $500 rebate.  Perhaps you had deducations that lowered your income below $125K, though I'm no tax attorney so I can't answer that.  

  3. NJ Saver is one of two rebate check names - the other is Homestead Rebates for people who make less than $100K a year.  The Corzine plan will increase the property tax rebate checks by 10% a year, regardless of the name.

by Matt Stoller on June 06 at 1:45 PM EST
[ Parent ]


I think I have it now!

So if I understand correctly, there is no NEW rebate proposed by Corzine, but rather a renaming of the existing plans and a promise to grow the rebate amount 10% per year.

(you were right, BTW about our Rebate!  with deductions we "squeaked" in under the $125k Limit!)

But, lets consider the averages. So if as Corzine's PDF says, the average rebate is now $624, then Corzine's Property Tax Relief plan promisses that by the end of his term the average rebate will have grown to....$ 913 or $289 more?  (10% growth per year)

Please correct me Matt, If I have it wrong.    Corzine's  "REAL Property Tax Reform Plan" means the following Yearly increases in the average rebate:

Increase Year 1 - $62.40  (10% of $624)
Increase Year 2 - $68.64  (110% of 62.40)
Increase Year 3 - $75.50  (110% of 68.64)
Increase Year 4 - $83.05 (110% of 75.50)

Total after increase after 4 years of Corzine's  "REAL Property Tax Reform Plan" - $289.59.

Right?

by Right of Center on June 06 at 2:00 PM EST
[ Parent ]

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