22 Aug N.Y. has new property tax relief. What about N.J.?
Q. New York has new protections to help seniors. Why doesn’t New Jersey follow in Gov. Kathy Hochul’s footsteps?
A. As you noted, each state has its own programs to help different groups of residents, including seniors.
New Jersey has some, too.
Our state has had the Homestead Rebate, a property tax relief program, and earlier this year, the new Affordable New Jersey Communities for Homeowners and Renters Tax Relief Program, or ANCHOR program, was passed and signed by Gov. Phil Murphy.
Homeowners with income of $150,000 receive $1,500 in property tax rebates, said Kenneth Bagner, a certified public accountant with Sobel and Co. in Livingston.
Those earning between $150,000 and $250,000 will receive $1,000 rebates, and renters making up to $150,000 will receive $450 checks, Bagner said.
The benefit is only for primary residences.
“The checks are expected in May 2023,” Bagner said. “Eligible homeowners and tenants will be able to apply in the fall either online, by phone or mail-in a paper application, similar to the Homestead Benefit in previous years.”
New Jersey also has the Senior Freeze program, Bagner said.
This property tax benefit is available to New Jersey residents age 65 or older or who are receiving federal Social Security disability benefit payments as of Dec. 31, 2019.
Additionally, you must have lived in New Jersey for the last 10 years either as a homeowner or a renter, and your property tax payments must be up-to-date.
The total income limit for 2019 is $91,505 and for 2020 it is $92,969, she said. This limit applies regardless of your marital or civil union status as long as you both lived in the same household as of Dec. 31.
You can learn more here.
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This story was originally published on Aug. 22, 2022.
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