15 Feb Do I have to pay school taxes?

Q. I heard someone say that if you live in a 55-and-older community you don’t have to pay the school portion of real estate taxes. Is that true?
— Senior

A. It’s a great question. Seniors who no longer have children in public school systems would certainly like to avoid paying the school portion of real estate taxes.

But of course, it’s not that simple.

“While there is no rule or law that exempts 55-and-older communities from paying school taxes, many do have a tax abatement that reduces or eliminates the tax,” said Jerry Korey, a certified financial planner with RegentAtlantic in Morristown. “With that in mind, it’s important to do your due diligence and ask the question when evaluating different communities.”

New Jersey does offer other programs that can help eligible seniors with property tax savings, Korey said.

These include the Senior Freeze (Property Tax Reimbursement Program),  the Homestead Benefit Program, and the Property Tax Deduction/Credit.

Good luck in your quest to lower your property taxes!

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