The NJ Senior Citizen Property Tax Freeze is a wonderful solution for many seniors. It can make the difference between staying in your home or having to move out.
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. Things change when they retire and no longer have that income. Their home becomes too expensive even when the mortgage is paid off.
Property taxes are a big part of the problem. New Jersey has high property taxes. To make matters worse, those taxes go up every year for nearly all owners. This makes it increasingly difficult 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, Known as the Senior Freeze the deadline to apply has been extended until August 2nd.
You 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. This is difficult for many seniors who are not computer savvy. A good place to turn to is your local library. Research librarians will help you out. I’ll be glad to help too so just call me up at 201-741-8490.
As in all things relating to your finances and taxes, I suggest that you contact your accountant for guidance. You can also call your attorney for a legal perspective. I believe you should consult both so you understand it completely. But one thing’s for sure – if you’re a senior citizen, you want to check this out before the August deadline. The Senior Citizen Property Tax Freeze might be something you qualify for and if so, it’s a blessing.