The first round of payments under the Senior Freeze property tax relief program is on the way, the Treasury Department said.
It said more than 125,000 qualifying seniors should receive payments from this first round, and more payments will go out each week, the agency said Thursday afternoon.
It said it has approved 42% more payments this year thanks to changes expanding the program’s eligibility.
State Treasurer Elizabeth Maher Muoio said the agency has “worked hard to simplify and improve the process for our residents to apply for and receive this valuable property tax relief, and the tremendous increase to date in the number of approved applications this early in the season shows their efforts have paid off.”
Treasury started sending more than $145 million of payments Monday, July 15, it said.
The program reimburses qualified senior citizens and disabled residents for property tax increases or mobile home park site fees on primary residences. Vacation or second homes are not eligible.
The program establishes a “base year” in the first year residents are eligible, and then “freezes” property taxes by reimbursing residents for subsequent annual increases in property tax bills.
To be eligible, you must be age 65 or older on Dec. 31, 2022, or receive Social Security disability payments on Dec. 31, 2022, and also on December 31, 2023, the agency said.
You must have owned and lived in your home or leased a site in a mobile home park for a manufactured or mobile home that you have owned since Dec. 31, 2019, or earlier.
Residents also must have paid all 2022 property taxes by June 1, 2023, and all 2023 property taxes by June 1, 2024.
The income requirements cover two years. It must have been $150,000 or less in 2022 and $163,050 or less in 2023.
The increase in the income cutoff allowed 58,000 more households to qualify, the state said.
“Future annual increases will be determined by the maximum Social Security benefit cost of living increase for that year for single and married filers respectively,” it said.
ALSO: When will I get my ANCHOR benefit? The latest on property tax savings.
You can apply and check the status of your application online at njportal.com/taxation/ptr. You can also call the Senior Freeze Property Tax Reimbursement Information Line for assistance at (800) 882-6597.
The deadline to file for the 2023 Senior Freeze is Oct. 31, 2024.
Stories by Karin Price Mueller
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Karin Price Mueller may be reached at KPriceMueller@NJAdvanceMedia.com. Follow her on X at @KPMueller.