Senior citizens get a lot of breaks in New Jersey; sometimes you don’t even have to be that senior. Imagine my surprise when I went into the Englewood International House of Pancakes and learned that because I’d crossed the 50 year line I could get pancakes at a discount. Frankly, being told I get a senior rate at the age of 50 was more than disconcerting!
Property taxes are a major reason why senior citizens sell their Bergen County homes. The cost of ownership for people who are on a retirement income often becomes a burden they cannot handle. When they bought their family home many years ago, they had a working income but without that now, it’s just too expensive even when the mortgage is paid off.
Property taxes are a big part of the problem because they often go up every year making it increasingly more dificult for senior homeowners to afford their home. To help out, the State of New Jersey has a property tax freeze program for those seniors who qualify and the deadline to apply for this has been extended until August 2nd.
Just go to the State of New Jersey’s Property Tax Reimbursement website where you’ll find all the information. This program, known as the Senior Freeze, stops property tax increases for those who qualify. As in all things relating to your finances and taxes, I suggest that you contact your accountant for guidance. You can also call your local Tax Assessor. But one thing’s for sure – if you’re a senior citizen, you want to check this out before August!