Big Savings for NJ Seniors: How to Get the Most Out of State Property Tax Programs

Big Savings for New Jersey Seniors: How to Maximize Property Tax Relief

If you’re a senior considering relocating to New Jersey—or you already own a home here—exciting new property tax relief programs are available just for you! Whether you’re moving from New York, looking to downsize, or simply want to make the most of your golden years in the Garden State, here’s what you need to know to maximize your savings.

State of New Jersey Program – Save Up to 50% on Property Taxes

Signed into law in 2024, funded in 2025, and going into effect in 2026, New Jersey’s new program offers seniors a 50% discount on their property taxes (capped at $6,500 per year). To qualify, you must:

• Be 65 or older

• Own and occupy your New Jersey home as your primary residence

• Have an income below $500,000

Apply before October 31st to take advantage of this incredible benefit. Don’t forget—the application must be submitted each year!

Anchor Program – Rebates for Owners and Renters

The Anchor program isn’t just for seniors—homeowners and renters of all ages may qualify. For 2024:

• Homeowners 65+ earning $150,000 or less: $1,750 rebate

• Homeowners 65+ earning $150,001–$250,000: $1,250 rebate

• Under 65? You can still qualify for $1,500 or $1,000, depending on income.

• Renters 65+: $700 rebate; Renters under 65: $450 rebate

Eligibility depends on being a resident and primary occupant by October 1, 2024, among other criteria.

Senior Freeze – Lock in Your Property Taxes

Another valuable benefit, the Senior Freeze is a rebate that reimburses you for property tax increases on your primary residence. To be eligible, you must:

• Be 65 or older

• Own and live in your home since 2020

• Have 2024 income of $168,000 or less

Streamlining the Process: The PAS1 Form

New for this year, New Jersey has launched the PAS1 form—one application to qualify for all major property tax relief programs (including the state program, Anchor, and Senior Freeze). Have your tax returns, property tax bill, and proof of age and address handy.

Tips to Remember

• Apply every year: The biggest mistake? Forgetting to apply! Set a calendar reminder for September and stay on top of deadlines.

• You can combine benefits: Seniors often qualify for both the State program and Anchor in the same year.

• Moving/Change in status? Apply anyway—eligibility is based on tax year, and you may still qualify even if you sell before benefits pay out.

Questions? Need Guidance?

We’re here to help you make the smartest real estate moves and ensure you never miss out on money-saving opportunities. For resources, reminders, or a copy of our application checklist, reach out at over55njmail.com, visit our website at over55njhomes.com, or check out our latest guides on our YouTube channel.

Don’t leave free money on the table—take advantage of these programs and make your New Jersey homeownership years truly golden!