Yes, the maximum credit is $50. I think this may just be a question of where and how the credit is reported on the NJ-1040 tax form.
When you are a renter, 18% of your gross rent paid is considered as property tax paid. This amount shows on line 38a of the NJ-1040 form. The amount of your allowed credit is on line 55, which should be no more than $50.
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