TRENTON, NJ - New Jersey seniors still have time to apply for the Senior Freeze Program. The deadline for Property Senior Freeze Property Tax Relief (PTR) program jas been recently extended to February 1, 2021.
The property tax reimbursement program for eligible seniors and disables residents and is designed to "freeze" the burden of increasing real estate taxes for qualified applicants by establishing a "base year" of eligibility and comparing that base with any subsequent year. The difference between the current tax year and base year is then refunded by the State each that an applicant applies.
In order to qualify for the reimbursement, taxpayers must meet all the eligibility requirements for each year from the base year through the current application year. Eligibility guidelines include: age 65 or over or receiving social security disability benefits; lived in New Jersey since December 31, 2008; owned the current home since December 31, 2015; and current on property taxes due before June 1, 2019.
The program does not apply to a vacation home or second home; property rent to someone else; property that consists of more than four units; or property with four units or less that contains more than one commercial unit. Those who are completely exempt from paying property taxes on the home; or make P.I.L.O.T. (Payments-in-Lieu-of-Tax) payments to a municipality also are not eligible.
Know a story we should share with readers? Email Editors Elizabeth Meyers and tell her about it.