20 Jul Can we share the Senior Freeze?
Q. I am 70 and co-owner of a townhouse. By June 2019, we will both have been in the residence for three years. We split expenses and each pay 50 percent of the taxes. The co-owner is 60. When I apply for the Senior Freeze, how would this work?
A. The rules concerning the Senior Freeze are very specific.
To be eligible, you must meet all the following requirements:
· Age 65 or older
· New Jersey resident for at least the last 10 years
· Owned and lived in current home for at least the last 3 years
· Payment of the full amount of the property taxes due on home
· Income does not exceed the yearly announced limit
As the co-owner of a qualifying residence with an individual who was not your spouse, you would only report your 50 percent share of the property taxes, said Neil Becourtney, a certified public accountant and tax partner with CohnReznick in Eatontown.
He said after you have filed Form PTR-1, Senior Freeze (Property Tax Reimbursement) Application with the New Jersey Division of Taxation and after processing is completed, assuming you have met all the program’s requirements, you will receive a refund of the reimbursement amount entered on the form.
“Unlike an income tax filing, there is no mechanism currently in place for direct deposit of the reimbursement,” Becourtney said.
Additional information can be obtained from the Senior Freeze Hotline at (800) 882-6597.
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