Office of the State Treasurer

TRENTON -- Governor James E. McGreevey and Treasurer John E. McCormac announced today that the Division of Taxation will begin mailing the 2003 NJ SAVER rebate checks to approximately 1.1 million New Jersey homeowners this weekend.

"This is an important day for New Jersey's overburdened property taxpayers. We're putting more relief directly into the hands of homeowners and providing real hope for solving a tax problem that has grown unchecked for the past quarter century," Governor James E. McGreevey said.

"Along with our Property Tax Convention Task Force, the higher rebates mark an important step in my FAIR plan for immediate relief and lasting property tax reform in New Jersey," the Governor continued.

As part of the Governor's FAIR (Fair and Immediate Relief) plan, NJ SAVER Rebates of up to $800, more than three times greater than last year's average benefit of $250, will begin arriving in homeowners' mailboxes on Tuesday, October 5. This year's NJ SAVER checks will range from $500 to $800.

Middle-class homeowners under the age of 65 will see maximum relief under the new program enacted by Governor McGreevey. Non-senior homeowners with an income of $125,000 or less, and senior homeowners with a gross income of between $100,000 and $125,000, will receive a check ranging from $600 to $800. For these homeowners, the rebate amount is equal to property taxes paid, minus 5% of gross income, but is limited to the maximum amount for their income level. Eligible homeowners with a gross income of more than $125,000 and less than $200,000 will receive $500.

The NJ SAVER checks represent the second and final round of Governor McGreevey's FAIR plan this year, which boosted property tax relief funding by more than $800 million and merged together the Homestead Rebate and NJ SAVER programs. In the first round, senior homeowners and renters with incomes below $100,000 received their FAIR-enhanced benefits from Homestead Rebate checks. Those checks, with a maximum benefit of $1,200, were mailed out in late July.

"Over the next two weeks, the Governor's FAIR initiative will provide hundreds of thousands of homeowners with an unprecedented amount of relief from New Jersey's onerous property tax system," said Treasurer McCormac. "In total, the FY 2005 budget provides an $850 million increase in Homestead Rebates and NJ SAVER checks, a $45 million increase in Senior Freeze/Property Tax Reimbursement checks and a record level of school and municipal aid."

To be eligible for the 2003 NJ SAVER rebate, an applicant must have owned a home in New Jersey that was their principal residence on October 1, 2003, had gross income of $200,000 or less, and paid property taxes on that home.

This year's schedule for delivery of NJ SAVER rebate checks is as follows:

For information about the NJ SAVER Rebate Program please visit the Division of Taxation's website at http://www.njsaverrebate.com/