How are real estate tax returns calculated (in NJ)?Do you need to hit a certain $ value or is it a % of the taxes paid to be eligible for tax returns?

Asked by Seeker, 08043 Tue Nov 8, 2011

Also, is there any difference in the real estate tax returns for a condo/townhouse or a single family house?

Thanks a lot for your inputs and time!!!

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Barbara Smith, Agent, Marlton, NJ
Wed Nov 9, 2011
Seeker...I suspect you may be talking about the Homestead Rebate which credits certain homeowners up to 20% of their real estate taxes every year. Previously it was sent in the form of a check to the homeowner, however it is now applied as a credit to your tax bill.

It makes no difference which type of home you own, its driven by your income & a few other factors.

There are income limits and you need to file by a certain date. Go to this website for more information and an online application.

If there is anything else I can help with, please get in touch.

Barbara L Smith
Weichert Realtors
Licensed in NJ & PA
cell/text: 609-980-7593
2 votes
Joanne Berna…, Agent, Northfield, NJ
Tue Nov 15, 2011
If you want accurate information on this topic please ask your financial advisor or accountant. Real Estate agents are prohibited from giving financial and legal advice.
0 votes
Gerard Carney, Agent, Spring Hill, FL
Wed Nov 9, 2011
The best answer for this is to speak to a CPA in New Jersey or a CPA familiar with Jersey tax laws
0 votes
Seeker, Home Buyer, 08043
Wed Nov 9, 2011
Sorry for the confusion, I was referring to the Homestead Rebate.

Thanks for your responses.
0 votes
Debra (Debbi…, Agent, Livingston, NJ
Tue Nov 8, 2011
Seeker, I am a little confused by your question..............are you possibly asking about the NJ Property tax rebate program?
0 votes
Ines De La C…, Agent, Marlton, NJ
Tue Nov 8, 2011
Hello Seeker,
Thank you for your question.
Let me see if I understand your question. The amount you pay in Real Estate Taxes is calculated by each town. Each town prepares a budget and then divide that among all the homes / ratables within town. You will see that some towns have lower taxes than others in NJ.
They follow a formula to calculate the taxes for condos/townhome and single homes.
If you are referring to the tax rebate that's a different story.

General Tax Rate in Voorhees for 2010 was 2.595 and the Effective Tax Rate was 2.586

The General Tax Rate is a multiplier for use in determining the amount of tax levied upon each property. It is expressed as $1 per $100 of taxable assessed value. This rate is used to compute the tax bill.

Example General Tax Rate:
Assessed Value 150,000
x General Tax Rate .03758
Tax Bill 5,637

The Effective Tax Rate is a statistical study that enables the comparison of one district to another district (based on the assumption that all districts are at 100% valuation). This rate is NOT to be used to compute the tax bill.…

Hope this helps.
Ines De La Cruz
RE/MAX Connection
Web Reference:
0 votes
Elisa Dewees, Agent, Cherry Hill, NJ
Tue Nov 8, 2011
Ask and accountant but I provided a link to NJ division of taxation that may ne helpful.
0 votes
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