15 Nov I missed the Senior Freeze deadline. What can I do for next year?

Q. I did not know about the Senior Freeze program until a couple of days ago. So I missed the deadline. When can I apply for the next year?
— Taxed too much

A. We’re sorry that you missed the deadline.

You didn’t say if this was your first eligibility year or not. If you have received the benefit before, you should apply anyway. The Treasury Department makes some exceptions, such as for medical emergencies, so it’s worth a try so you don’t have to reset your base year.

If it’s your first time, let’s start with some background.

The Senior Freeze reimburses eligible senior citizens and disabled persons for property tax or mobile home park site fee increases on their principal residence.

There are income requirements that change each year, so you’ll need to make sure you qualify when that information is released.

We’d normally say the schedule to apply would probably remain the same as it was this year, but that doesn’t take Stay NJ, the state’s new property tax savings program, into account.

While Stay NJ is law, it’s not a slam dunk. We won’t know much more until the Legislature passes the next state budget this summer.

Stay NJ, in conjunction with ANCHOR and Senior Freeze, is designed to cut property taxes by up to 50%, capped at $6,500, for residents 65 and older in New Jersey who earn less than $500,000 a year.

There will be one application for all the benefits, which is supposed to be available as of Feb. 1 with a deadline of Oct. 31 each year.

You can learn more about what we know so far here.

Keep an eye out for Stay NJ updates as the summer nears, and we will be sure to keep you posted.

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This story was originally published in October 2024.

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.