Posted by & filed under Homeowner Tips.

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.

3 Responses to “The NJ Senior Citizen Property Tax Freeze”

  1. Property Tax Assessment

    This post is awesome !!! property taxes are really a big problem …. great job…

    Reply
  2. Howie

    Property taxes are a big problem for a lot of people as well as seniors. You have people who lost a spouse, adult children trying to help their parents, disabled people. There should be an age limit for seniors, but the income factor needs to come down. People that can’t work due to a disability might not receive enough to pay increased taxes. Seniors bought these houses in a different economic time and that needs to be recognized.

    Reply
    • Bergen County Real Estate Agent

      I agree. Property taxes are the #1 reason senior citizens give me for selling their home and moving out of the area. The only solution is to become more efficient so costs decrease but that’s an uphill battle. For example, Bergen County has 70 different locations – why do we need 69 different police departments? I think Teterboro is the only town that doesn’t have it’s own. We need to regionalize more boards of education too. I don’t believe that anyone should lose their job but through the natural attrition process, we can begin to eliminate many expensive positions. Tenafly bought a mobile command center to replace the one they had – a mobile command center for $240,000? Why? Is Tenafly that huge a territory where this is necessary? No, but once they have it, they won’t give it up. Just ludicrous.

      Reply

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