Question: is nj homestead benefit taxable?
Answer: The NJ Homestead Benefit reduces the taxes that you are billed. Because the benefit is no longer handled as a rebate, it is no longer accounted for on your federal (or NJ) tax returns. ... So, if your property taxes in 2016 were $8000 and you received a Homestead Credit that year of $150, you would only have paid $7850.