17 Oct Does inherited money count on property tax relief application?

Q. Does inherited money need to be reported as income on the PAS-1 form?

— Homeowner

A. The PAS-1 form is the new combined application for the state’s property tax benefits: Senior Freeze, ANCHOR and Stay NJ.

The good news is that the state won’t ask for the balance of your bank or investment accounts.

It’s your income that matters, and inheritances are not considered income. So if you’ve received a lump sum, it won’t count against you.

But, if you have invested that lump sum — say in an inherited IRA from which you must take requirement minimum distributions — those distributions are considered income and would need to be included on the application.

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This story was originally published in October 2025.

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