Have you ever heard someone say that you can freeze your property taxes?
Freeze Your Property Taxes
Legislation has been enacted in New Jersey that will limit property tax increases. The maximum allowed by law is 2%. When I first heard about this, I asked a friend who is on the town council of a New Jersey municipality about it. I asked him what would towns do if their budget required more than a 2% increase ? He said the guidelines allow for many exceptions. But, if the budget required a larger increase, they’ll figure out ways to get the necessary funding.
So – back to freezing taxes.
The New Jersey Property Tax Reimbursement (Senior Freeze) will reimburse eligible persons for property tax increases. There is a complicated set of qualification standards for this program. To qualify for the New Jersey Property Tax Reimbursement (Senior Freeze), the following criteria must be met.
One of the owners of the property must be at least 65 years old.
The qualified owner must have been a continuous New Jersey resident for at least the past 10 years.
The qualified owner must have owned their current residence for at least the past 3 years.
Property taxes must have been paid in the full amount.
Income restrictions also apply.
In order to qualify for property tax freezes for the 2015 tax year, your income cannot exceed $85,553 for 2014 and $70,000 for 2015.
Property tax freezes are not allowed for vacation or second homes. In addition, properties that consist of more than four units of rental properties are also not allowed. Also, a property is not eligible if it has 4 or less units that include two or more commercial units.
A similar program is available for people who receive Federal Social Security disability benefit payments.
Benefits to people living in mobile homes are also available that will freeze the lot rental.
If you would like more information, search the internet for Property Tax Freeze NJ