21 Oct How can I tell if I will qualify for the next year of the Senior Freeze?

Q. The Senior Freeze program establishes an income limit for eligibility each year. However, this limit is published in March for the previous year. Is there a way of forecasting what the limit will be before the end of the year? Many households are able to defer income in order to remain eligible but unfortunately don’t find out what the limit is until it is too late.
— Homeowner

A. The Senior Freeze program is one of two that helps some residents save on property taxes.

The ANCHOR program, which replaces the Homestead Rebate, is new and has been getting the most attention lately. It covers the 2019 benefit year and you can learn more about eligibility and how to apply here.

As for the Senior Freeze and its income limits, unfortunately, there is no way to predict what will happen.

“New Jersey, just like all states, wants as much tax revenue as possible,” said Michael Karu, a certified public accountant with Levine, Jacobs & Co. in Livingston. “If they released the info early, people could defer income, thus costing the state much needed tax revenues.”

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This story was originally published on Oct. 20, 2022.

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