What do home renovations mean for the Senior Freeze?

Photo: pixabay.com

Q. If I added a second bathroom to my house, with permits. How would that affect my senior freeze? I’ve been on the program for three years and local taxes have skyrocketed. Would it start over?
— Homeowner

A. As you probably know, there are many reasons why a home’s property tax bill might go up.

Improvements are a biggie.

The Senior Freeze is designed to protect seniors from rising property tax costs. The first year you’re accepted to the program is considered your base year, and then you would receive an annual payment to make up the difference for any hikes in your property taxes.

The state’s website says nothing about the reasons for your tax bill going up. It only says: “The amount of property taxes paid for the current year must be more than the base year amount for you to receive a reimbursement.”

So if you redo a bathroom and your tax bill goes up, you should then just get a bigger Senior Freeze, assuming you still qualify for the program.

Good luck with the construction!

Email your questions to .

This story was originally published in November 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.