How Much Money Are You Entitled To With New Jersey’s New Tax Relief Program?

In the words of Jimmy McMillan, "The rent is too damn high!"

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Except this time, Jimmy missed something.

Not only are rents are higher but so are New Jersey's property tax, interest rates, cost of food, gas prices and basically everything else in-between.

We might as well change Jimmy's quote to "The cost of EVERYTHING is too damn high!"

According to NJ.com, the silver lining is that Governor Phil Murphy finally announced that help is on the way.

Thank goodness because did you know New Jersey homeowners pay the highest property taxes in the nation!?

The average in 2021 was $9,284. That number jumped up by $172 in the last year alone. It is insane.

As a result, renters have seen insane increases in the cost of rent.

Everyone needs a little bit of help right now...and here it is...

It is called the Tax Relief Program and it begins July 1st.

According to NJ.com, homeowners and renters will be given some extra money to make up for the insane prices in their 2023 tax returns.

"The expanded program would extend tax rebates to about two million New Jersey homeowners and renters...and could offset over 16 percent of the average property tax bill in New Jersey for some homeowners."

 

“The vast majority of homeowners will receive payments as credits on their property tax bills, so long as they have owned their home since Oct. 1, 2019,” Treasury spokeswoman Jennifer Sciortino said. “Homeowners who sold their property after Oct. 1, 2019 can choose to receive a check or direct deposit.”

“For a middle-class family receiving the $1,500 in direct relief, the average bill will effectively become $7,800, a property tax level New Jersey has not seen since 2012,” the administration said according to NJ.com.

The only downside is that this rebate would come when we file taxes in 2023 so that money won't be in your account until May.