New Jersey § 54:4-8

§ 54:4-8.

a. The State Treasurer annually on or before October 31, upon certification of the director

and upon warrant of the Director of the Division of Budget and Accounting , shall pay and distribute the amount of a homestead rebate payable under this act

that is claimed for the prior tax year to each claimant whose rebate is approved by

the director. b. A homestead credit allowed by the Director of the Division of Taxation to a claimant

who claimed a homestead credit pursuant to section 3 of P.L.1990, c. 61 ( C.54:4-8.59 ), and whose homestead is not a unit in a cooperative, mutual housing corporation

or continuing care retirement community, shall be paid by the State Treasurer, through

electronic funds transfer made by the director to the local property tax account maintained

by the local tax collector for the homestead of the claimant as the claimant shall

identify, in equal installments after the application for the credit has been approved,

at the dates and in the manner as the director shall determine to best coincide with

the next local property tax quarterly due dates of August 1 and November 1. Notice of payments of credit installments shall be provided to the claimant and

the appropriate local tax collector. c. Notwithstanding subsection b. of this section, the director shall provide a homestead

benefit under this act as a credit only if the director can ensure that the benefit

will be applied to the appropriate taxpayer. Otherwise, the director may remit a homestead benefit to an eligible taxpayer as

a rebate. d. Notwithstanding subsection b. of this section, a resident homeowner of this State

who is 65 years of age or older at the close of the tax year or who is allowed to

claim a personal deduction as a blind or disabled taxpayer pursuant to subsection

(b) of N.J.S.54A:3-1 , shall receive the credit in the form of a rebate payment in calendar year 2007,

but will receive credits in future years starting in calendar year 2008, unless the

claimant elects in the claimant's homestead credit application to receive a rebate. e. Notwithstanding subsection b. of this section, if the director determines that

homestead benefits for a particular tax year cannot be administered and delivered

as credits efficiently, the director may remit homestead benefits for that year as

rebates.