OOPS THEY DID IT AGAIN, AGAIN!

 

The first wave of refund checks for the New Jersey Property Tax Reimbursement (aka “Senior Freeze”) program have been sent out.

 

New Jersey is consistently at the top of the list of highest real estate taxes in the country, so this reimbursement is a very important and needed benefit for many senior and disabled homeowners.

 

But, once again, as we expected, the DFBs (clean version is “Damned Fool Bureaucrats”) in Trenton have screwed NJ seniors and the disabled to balance the budget and continue to provide pork and entitlements for politicians.

 

Unfortunately, as happens every year, the income base for the PTR program has been reduced to $70,000, causing many seniors and disabled residents to lose out on this benefit.

 

$5.00 in income can cost qualified NJ homeowners several thousands of dollars in reimbursements.

 

According to the NJ State Tax News -

 

“Checks in the Mail -

 

In mid-July, the Division of Taxation began mailing checks for the 2016 Senior Freeze to qualified senior and disabled homeowners who filed applications by the original filing deadline of June 1, 2017. We will issue checks as quickly as possible to homeowners who file their applications between the original June 1 deadline and the extended deadline of October 18, 2017.

 

The State Budget has set the following qualifications for Senior Freeze payments: Applicants are eligible if their income did not exceed $87,007 for 2015 and $70,000 for 2016, as long as they meet all other requirements.

 

Residents whose income was more than $70,000 but was $87,007 or less will not receive checks for 2016. We will notify them that they are not eligible. However, those residents can establish a “base year” for future reimbursements by filing an application by the deadline. This also ensures that we will mail them applications next year.”

 

As the item suggests, qualified homeowners whose 2016 income is between $70,000 and $87,007 should still submit a PTR-1 or PTR-2 application to create or maintain a “base year” for potential future reimbursements.  If you have not already submitted a PTR application you have until October 18^th to do so.

 

FYI, the income used for the PTR program includes gross Social Security benefits (before Medicare deductions) and otherwise tax-exempt municipal bond and US Government Obligation income.  However the amount of pension income to claim is the same as the taxable pension income that was, or would have been, reported on the NJ-1040.

 

The DFBs!

 

TTFN