New Jersey Senior Freeze Program
Twice as many people moved out of New Jersey in 2018 as moved into the state, with high property tax bills contributing to this exodus. New Jersey does offer some relief through a Senior Freeze Program, which is a reimbursement program available to state residents 65 and older or disabled individuals who meet eligibility requirements.
Generally, to qualify for the Senior Freeze Program, an applicant must meet several requirements including age, a specified New Jersey residency period, a specified time period for ownership and occupancy of your home, and gross income threshold limitations. Special relief rules apply to residents who moved to their current home between January 1, 2015 and December 31, 2016.
In order to determine if you meet the gross income threshold, all income that you received during the year, including income that you are not required to report on your New Jersey Income Tax return, must be taken into account to determine eligibility. Income limits for eligibility are subject to adjustment annually. However, there are certain sources of income that are excluded for purposes of determining gross income. Also, limited loss adjustments can be taken into account.
The Senior Freeze Program and The Homestead Rebate program are separate programs, and separate applications must be filed every year for each one. It is important to understand the filing requirements for the Senior Freeze Program, as applicants who are filing for a reimbursement the first time (or who filed an application the previous year that was denied because the applicant did not meet all the eligibility requirements) file a different form than those that previously filed.
Eligible applicants must file the 2018 Senior Freeze Application by October 31, 2019. Certain documentation of proof is required to be submitted with applications or the property tax reimbursement is denied.
The completion of the 2018 Senior Freeze application can be complex and confusing regarding determining eligibility, the required proof documentation and the proper form to file. Our experienced professionals and advisors at Gramkow, Carnevale, Seifert, & Co., LLC can be a valuable asset to assist you in determining if you qualify for the 2018 Senior Freeze Program and how to properly comply by meeting the filing and documentation requirements.
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Meet Our Team
Kristen Van Dyke is a Senior Associate at Gramkow, Carnevale, Seifert, & Co., LLC (GCS.) She joined the GCS team in 2015 and has about 10 years of experience in public accounting. Kristen specializes in tax and accounting for medical practices. She is a member of the Medical Group Management Association.
Kristen received her Bachelors degree in Accounting from Rutgers University in 2010. In her free time, she enjoys being active as the co-captain for her Hoboken Darts Players Association team. She also enjoys reading, writing, knitting, and trying new foods in NYC.
Should you have any questions or wish to speak to a team member, please don’t hesitate to call us at 201-599-0008.