Economy

Property Tax Rebate From New Jersey: Deadline Looms For Seniors To Apply

New Jersey is offering senior citizens and disabled persons monetary aid that could help them offset the impact of rising prices. The program, called the Senior Freeze program, reimburses increased property tax rates on principal residences. However, the last date to apply for this property tax rebate from New Jersey is approaching quickly.

When Is The Last Date To Apply For The Senior Freeze Program?

New Jersey’s Senior Freeze program reimburses any increase in property taxes or mobile home fees to senior citizens and disabled persons on their principal residence.

This means that recipients get the difference between the property tax amount of their first year of eligibility (base year) and the current year property tax amount, provided the current year amount is more than the base year amount.

The base year amount is created when the resident first applies for the program, and this is the amount that the program freezes for the subsequent year comparison.

Rising inflation could result in senior and disabled homeowners to qualify for a higher property tax rebate from New Jersey. However, the deadline to apply for the Senior Freeze program is Oct. 31, 2022, i.e. Monday.

New Jersey’s Senior Freeze program isn’t a new program, but the state has recently raised the income limit by over 30%.

Property Tax Rebate From New Jersey: Who Will Get It?

To qualify for the property tax rebate from New Jersey, the applicant or their spouse or civil union partner must have been 65 years or older on Dec. 31, 2020, or received federal Social Security disability benefit payments on or before Dec. 31, 2020.

Also, the applicant must have lived in the state for 10 years continuously since Dec. 31, 2010 or earlier, either as a homeowner or a renter. Additionally, homeowners must have owned and lived in their home since Dec. 31, 2017, as well as owned and lived in the home on Dec. 31, 2021.

Another requirement is that the applicant must have paid the 2020 property taxes in full by June 1, 2021, as well as the 2021 property taxes by June 1, 2022.

Mobile home owners, in order to qualify, must have leased a site in a mobile home park. In the park, the applicants must have placed a mobile home that they would have owned since Dec. 31, 2017 or earlier. Also, they should have lived in that mobile home and leased the site on Dec. 31, 2021. The mobile home owners must have paid the site fees for each year in full by December 31.

There are income requirements as well. The total annual income of the applicants must be $92,969 or less in 2020 and $94,178 or less in 2021.

For more information on the Senior Freeze program, including eligibility requirements and how to apply, visit the Division of Taxation’s Property Tax Relief webpage.

This article originally appeared on ValueWalk

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