05 Apr What is considered annual income for the Senior Freeze?

Q. For the Senior Freeze, the annual income limit for 2019 is $91,505 and for 2020 it is $92,969. What income is included?
— Homeowner

A. Great question.

The Senior Freeze benefit can help eligible New Jerseyans lower their property taxes.

The Division of Taxation says with few exceptions, all income that you received during the year must be taken into account when determining eligibility.

This includes income that you do not have to report on your New Jersey income tax return, such as Social Security benefits, unemployment benefits, disability benefits, and tax-exempt interest.

Add it all up — before deductions — and that’s your total income for the Senior Freeze.

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This story was originally published on April 5, 2022.

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