VIDEO: New Jersey Homeowners Miss Out on Tax CreditPosted:
MILLVILLE - 19,000 New Jersey homeowners may have missed out on their most recent homestead tax credit.
An audit finds that thousands of applicants missed out on a total of 10 million dollars because they sold their homes during the year and a half it took the state to issue the most recent homestead benefit.
The audit found people who bought the homes received the property tax credit even though they weren't the ones that paid the tax in 2012. The application instructs homeowners to work out the credit with buyers during closing or make a note on the application to receive a rebate check instead.
The Department of Taxation is now going to use sales data to determine if an applicant should receive a check instead of a credit. Overall, the state paid $365 million dollars in credits so far this year.
SNJ Today is a Southern New Jersey news and information source based in Millville, New Jersey that is dedicated to providing current stories related specifically to South Jersey.