PROPERTY TAX
REIMBURSEMENT ELIGIBILITY
All property
tax relief program information provided here is based on current law and is
subject to change. Property tax applications are
expected to be mailed to eligible applicants in mid to end February.
Residents
applying for a reimbursement of the difference between the amount of
property taxes paid in 2006 and the amount paid in 2007 must:
-
For
2006 and 2007, have been age 65 or older or receiving Federal Social
Security disability benefits as of December 31. If receiving Federal
Social Security disability, you must have received such benefits for
yourself (you do NOT qualify if you are receiving Social Security
disability benefits on behalf of someone else); and
-
Have
lived in New Jersey continuously since before January 1, 1997, as
either a homeowner or a renter; and
-
Have
owned and lived in the home for which the reimbursement is being
claimed since before January 1, 2004; and
-
Have
total income for 2006 that is less than $43,693 for single
applicants and $53,576 (combined income) for married couples, and
total income for 2007 that is less than $45,135 for single
applicants and $55,344 (combined income) for married/civil union
couples; and
-
For
both 2006 and 2007, have paid the full amount of the property taxes
(or mobile home park site fees)
2008 SOCIAL SECURITY UPDATE
Monthly Social Security and
Supplemental Security Income benefits will increase 2.3% in 2008. The maximum
amount of earnings subject to the Social Security tax (taxable maximum) will
increase to $102,000 from $97,500.
2008 MEDICARE UPDATE
In 2008, the Part A
Deductible, paid by a beneficiary when admitted to the hospital as an
inpatient, will be $1024. The Part B deductible will be $135.
The standard Part B monthly
premium will be $96.40. The Part B premium paid by
beneficiaries who file a tax return will be:
|
If
your individual income is |
If your joint
income is |
Your Part B
Premium will be |
|
Less than or
equal to $82,000 |
Less than or
equal to $164,000 |
$96.40 |
|
Greater than
$82,000 but less
than or equal to $102,000 |
Greater than
$164,000 but less
than or equal to $204,000 |
$122.20 |
|
Greater than
$102,000 but less
than or equal to $153,000 |
Greater than
$204,000 but less
than or equal to $306,000 |
$160.90 |
|
Greater than
$153,000 but less
than or equal to $205,000 |
Greater than
$306,000 but less
than or equal to $410,000 |
$199.70 |
|
Greater than
$205,000 |
Greater than
$410,000 |
$238.40 |
|
Beneficiaries who are married
but file a separate tax return
from their spouse |
Your Part B
Premium will be |
|
Less than or
equal to $82,000 |
$94.60 |
|
Greater than $82,000 but less
than or equal to $123,000 |
$199.70 |
|
Greater than $123,000 |
$238.40 |
2008 PAAD AND
SENIOR GOLD INCOME LIMITS
|
PAAD |
SINGLE PERSON |
MARRIED COUPLE |
|
Less than
$23,092 |
Less than
$28,313 |
|
SENIOR GOLD |
SINGLE PERSON |
MARRIED COUPLE |
|
Between $23,092 and
$33.092 |
Between $28,313 and
$38,313 |
|
