25 Jul Homestead Rebate vs. Senior Freeze
Q. What’s the difference between the Homestead Rebate and the Senior Freeze? I received a property tax credit for my last quarter’s taxes through the Homestead Rebate program. I qualify for the Senior Freeze program and I’m not certain if I should apply.
A. Apply away.
If you qualify for both programs, you can get benefits from both.
The Senior Freeze program offers a property tax reimbursement to eligible seniors — 65 and older — or disabled individuals, said Cynthia Fusillo. a certified public accountant with Lassus Wherley in New Providence.
Other requirements include that you must have lived in New Jersey for the past 10 years and in your current home for at least the last three, Fusillo said, adding that applications for the Senior Freeze are paper filed.
Then there’s the Homestead Rebate, which has undergone a lot of changes over the years. Today, eligibility is stricter than ever.
“While it is not limited to seniors/disabled, it no longer includes renters, as it used to, and income limits have shrunk over the years to no more than $75,000 — or as much as $150,000 if 65/disabled,” Fusillo said.
The benefit only applies to principal residences.
“The rebate is in the form of a credit on your property tax bill,” she said, noting applications are filed online or by phone.
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This post was first published in July 2017.NJMoneyHelp.com presents certain general financial planning principles and advice, but should never be viewed as a substitute for obtaining advice from a personal professional advisor who understands your unique individual circumstances.