Don’t Leave These NJ Property Tax Benefits on the Table!
We are already paying the highest property taxes in the nation for the benefit of living in this fine state – but if you don’t take advantage of these state programs to reduce your tax liability, you may be paying more than you need to!
They don’t make it easy, of course! Rather than just lower our property taxes, the state wants us to jump through some hoops to get our money back. In the process, I am sure they figure that a certain number of people will either forget to apply, or just not bother.
Here is a summary of what’s available now in terms of rebates:
Anchor program – DEADLINE TO FILE IS FEB 28!!!
The anchor program will rebate some amount of money to either homeowners or renters to offset high rents and property taxes. Benefit is available to all homeowners and renters whose 2019 state income was less than $250,000 per year. How much will you get? Not sure, there is some secret formula based on income. Benefits can be up to $1500, but most checks will be smaller than that.
Senior Freeze. Seniors can use this program to qualify for rebate checks to offset the impact of property tax increases. There is an income limit of $92000 per year – but no asset limit. (Note:That income limit includes social security, disability payments, and tax free income.)
$250 property tax exemption for seniors. You need to apply for this with your local tax office. If you are over 65 and meet the income requirements (as is typical with government – they are complicated) you can get you property tax bill reduced by $250 at the local level.
Details on all of these programs, what it takes to qualify, and instructions on how to apply are available on the state’s website at https://nj.gov/treasury/taxation/relief.shtml