Homeowners in New Jersey are eligible for a partial rebate of property taxes paid. If you owned and lived in a house in New Jersey on October 1, 2007, you are eligible. Renters like me are eligible for a separate rebate up to $860.
If you haven’t received an application, you should shortly. The state suggests calling the Homestead Rebate Hotline if you haven’t received this application by July 23.
Tenants will not receive an application. The rebate form for tenants was included in the 2007 income tax package. I checked my state tax return, which I filed via TaxAct, and my rebate application was submitted with my income tax form. As I am neither disabled nor over the age of 65, the maximum amount I can receive for this rebate is $80, a 6.7% increase over last year.
The calculation for the homeowners’ rebate is different. For those under 65 and not disabled, you will receive either 20% of the first $10,000 of property taxes paid (if your income is below $100,000), 10% of your total property taxes paid (if your income is between $100,000 and $150,000), or nothing.
To receive your rebate, you muat file your application by August 15.
2007 Homestead Rebate Program
When it comes to talking about retirement, there is often discussion about where in the country or the world to go to live out the rest of life after working responsibilities have ended. Where I live, it’s not uncommon for retirees to migrate to Florida. Lately, there have been more retirement communities being developed around the area as well. That’s an option for people who want to stay close to their families, friends, or whatever is keeping them in New Jersey. Cost conscious retirees may even consider moving outside of the country — such as Mexico or South America — to afford a better living for the money.
Scott Burns from MSN points out that another financially smart move might be to retire to an RV. The author’s experience:
I come across an Airstream flying American and Texas flags. The owners aren’t there, so I can’t ask if they homestead in Texas, with no state income tax, and wander at will from their post office box. Add a cell phone, a Yahoo e-mail address, and you can be at large in America with an investment of $40,000, possibly less, for a used tow vehicle and trailer.
In addition to the ability to move around to keep things interesting, the RV also gives a retiree the flexibility to go to work when necessary. This could be a big concern for those retiring now and in the future as people come to the realization that they may need additional income in retirement.
Where Did You Come From, Where Did You Go (July 2008)
This article was written by Flexo in Administration. 3 comments.
Here are the most popular articles on Consumerism Commentary during the month of July 2008.
Thanks to the following websites that sent the most traffic to Consumerism Commentary during July 2008. RSS readers and search engines are not included in this list.
{ 3 comments }