Property Tax Reimbursement Income Standards

Property Tax Reimbursement Income Standards
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All income, from whatever source derived, is considered in determining eligibility for the purposes of the property tax reimbursement. Jointly owned income sources will be allocated according to degree of ownership.

All income, taxable and nontaxable, is to be included. Examples of possible sources of income (gross amounts unless otherwise noted) are as follows:

Social Security Benefits (including Medicare Part B premiums)
Salaries
Wages
Bonuses
Commissions
Fees
Dividends
Interest (taxable and nontaxable)
Capital gains (net)
Rental income (net)
Royalties
Disability benefits (including veterans' and black lung benefits)
Inheritances
Support payments
Unemployment benefits;
Pensions (including benefit payments from foreign countries)
Annuities (contributory and noncontributory)
Retirement benefits including distribution from Individual Retirement Arrangements (IRAs)
Business income (net)
Fair market value of prizes and awards
Net Gambling and Lottery winnings (including New Jersey)
Bequests and Death Benefits
All other income

Sources of income which are excluded in considering eligibility for the property tax reimbursement are as follows:

Benefit amounts received under the New Jersey State Lifeline Credit Program/Tenants Lifeline Assistance Program
Benefits received as New Jersey homestead rebates, NJ SAVER rebates, or New Jersey FAIR rebates
Proceeds from spouse's life insurance
Capital gains on the sale of a principal residence after May 6, 1997, of up to $250,000 if single, and up to $500,000 if married/CU couple. Capital gains in excess of the allowable exclusion must be included in income. (Capital gains and the exclusion of all or part of the gain on the sale of a principal residence are computed in the same manner for both Federal and State income tax purposes.)
Stipends from the Volunteers in Service to America (VISTA), Foster Grandparents and Workforce 55+ programs; and programs under Title V of the Older Americans Act of 1965
Proceeds received by the beneficiary of a Special Needs Trust
Proceeds received from viatical settlements
Agent Orange payments
Reparation payments to Japanese Americans by the Federal Government pursuant to Sections 105 and 106 of the Civil Liberties Act of 1988, PL 100-383 (50 U.S.C. App. 1989b-4 and 1989b-5)
Amounts paid as reparations or restitution to Nazi Holocaust victims pursuant to PL 1998, c.113
Rewards involving health care fraud or abuse which apply to N.J.A.C. 10:49-13.4
Rollovers from one tax-deferred financial instrument (pension, annuity, IRA, insurance contract or other retirement benefit) to another tax-deferred financial instrument.
Tax-free exchanges of a policy or contract handled between two insurance companies
Insurance policyholder's original contributions if demutualization of the policy occurs.