FOR IMMEDIATE RELEASE
Contact:
Roy Eisen
REALTOR® Associate, Agent Assist Coordinator
EXIT Realty East Coast
877-778-EXIT
RoyE@exitrealtyec.com
Three Property Tax Relief Programs with Only One Application
Holmdel, NJ (Grassroots Newswire) 2/17/2025 -- The New Jersey Division of Taxation has made available Form 2024 PAS-1 “Application for Property Tax Relief for Seniors and Social Security Disability Benefits.”
It is anticipated the online version of the PAS-1 application will be available mid-February 2025 and paper copies will be mailed to eligible households early March 2025. The deadline to file is October 31, 2025.
This one application is used for three property tax relief programs. Separate applications are no longer needed for the Senior Freeze and AnchorPrograms. New this year is the Stay NJ Program. Form PAS-1 replaces four forms: PTR-1; PTR-2; ANCHOR-H; and ANCHOR-T.
The new Stay NJ Program offers property tax benefits to eligible homeowners aged 65 and over. To qualify, homeowners must have lived in their home for a full 12 months of 2024 and have income below $500,000. The program reimburses 50% of property tax bills, up to a maximum tax bill of $13,000, with a benefit cap of $6,500 (50% of $13,000). The intent of the program is to offer significant tax credits to make it more affordable for seniors to continue to reside in the state.
The Senior Freeze Program also reimburses eligible senior citizens, as well as disabled persons for property tax increases on their principal residences. Once a base year amount is established, the amount is “frozen”, which protects eligible homeowners from increases in future periods. To qualify you must be 65 years or older, or receiving federal Social Security disability benefits. Residency requirements include you must have lived continuously in New Jersey for at least the last 10 years and have lived in your current home for the last three years. There are income limitations for eligibility and thresholds change annually.
The ANCHOR (Affordable New Jersey Communities for Homeowners and Renters) Program provides property tax relief to both homeowners and tenants. Homeowners must have occupied a home in New Jersey as their principal residence. Tenants must have occupied a home that was subject to local property taxes. Income thresholds vary annually and generally are lower for renters than homeowners.
It is important to note that these are complimentary programs. People meeting eligibility requirements are encouraged to apply for any and all the available property tax relief programs. The Stay NJ Program is supplemental and is not intended to replace the other two programs. Having one application for all three programs makes a “world of sense.”
It is always advisable to contact a tax professional who can help with the application process. The Division of Taxation provides detailed instructions on how to properly complete and file the application. Instructions include various worksheets to properly calculate income and determine if thresholds are exceeded or met. Various documents should be gathered such as: proof of age, income records, proof of residency, and proof of ownership. More information can be found at: https://www.nj.gov/treasury/taxation/relief.shtml
For more information contact the author via e-mail at: roye@exitrealtyec.com
About the author: Roy Eisen is currently a licensed Realtor in the State of New Jersey specializing in both residential and commercial sales for EXIT Realty East Coast. He has been an Eatontown resident for over 35 years and is a former Councilman and past member of both the Planning and Zoning Boards. Currently, he is Co-chairman of the Traffic Advisory Committee, is a Shade Tree Commissioner, and member of both the Economic Development Advisory Committee and Green Team.
For more information about EXIT Realty East Coast, please call 877-778-EXIT. EXIT Realty East Coast is located at 57 E. Main Street, Holmdel, NJ 07733 & 964 Broadway, West Long Branch, NJ 07764.
About EXIT Realty:
EXIT Realty is a company founded and built on human potential. A full service, forward-thinking, real estate franchisor with offices across North America, EXIT has to-date paid out more than a half a billion dollars in single-level residual income to its associates. A portion of every transaction fee received by EXIT Realty Corp. International is applied to its charitable fund, and to-date, $7 million has been allocated to charity. For more information, please visit www.exitrealty.com and www.joinexitrealty.com.
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