For those of you who read our Summer 2009 issue of Renaissance/Aging Insights, we’ve received confirmation in regard to the revision of the Property Tax Reimbursement Program (Senior Freeze).  Governor Corzine signed the bill on October 1, 2009, changing the eligibility requirement for owning a property from 3 years to 1 year.

Let me explain:

The Property Tax Reimbursement Program, is for seniors or disabled persons who meet all eligibility requirements, the program refunds the difference between the amount of property taxes that were due and paid for the “base year” (the first year that you met all the eligibility requirements) and the amount due and paid for the current year for which you are applying for the reimbursement, provided the amount paid for the current year was greater.

Example:

Amount Paid Base Year	Amount Paid Current Year	Reimbursement
$4000	$5000	$1000

*Example does not reflect actual payments

The eligibility requirements are that you must be age 65 or older or receiving Federal Social Security disability benefits, you have lived in New Jersey continuously for at least the last 10 years, as either a homeowner or a renter, you have owned and lived in your home (or have leased a site in a mobile home park on which you have placed a manufactured or mobile home that you own) for at least the last  year and you have paid the full amount of property taxes (or site fees if you are a mobile home owner) that were due on your home for the base year and for each succeeding year, up to and including the year for which you are claiming the reimbursement. You must also meet the income limits for the base year and for each succeeding year, up to and including the year for which you are claiming the reimbursement. Residents applying for the 2008 reimbursement must have total income for 2007 that is $60,000 or less and for 2008 that is $70,000 or less. These limits apply regardless of marital/civil union status. Residents applying for the 2009 reimbursement must have total income for 2008 that is $70,000 or less and for 2009 that is $80,000 or less. 2008 applications are due by November 2, 2009. Applications for 2009 will not be available until February 2010.

NJFA is very pleased to hear that this legislation, A2195 or S661, revising the eligibility for Senior Freeze has been signed. Many people and groups were advocating for this change, as it now provides the opportunity for seniors to downsize or move out of older, bigger homes without losing the ability to apply for this beneficial program. Thanks to all those who supported this legislation.

If you have questions or want more information call: 1-800-882-6597 or visit http://www.state.nj.us/treasury/taxation/propfrez.shtml