New Jersey Repays Retirees for Rising Property Taxes After They Pay Upfront
New Jersey’s Senior Freeze program reimburses retirees for increases in property taxes, but only after they pay the full amount upfront. This creates a cash flow challenge as seniors must cover higher bills before receiving refunds months later. The state's reimbursement is based on a base year and covers the difference between that initial tax bill and current charges. The 2026 Social Security cost-of-living adjustment (COLA) of 2.8% lags behind inflation, which stood at 3.5%, further straining retirees' budgets. With property taxes rising faster than income increases, seniors must maintain liquid savings to manage quarterly payments before reimbursement arrives. The program requires eligible homeowners to file the PAS-1 form by November 2, 2026, and those who apply later may face longer waits for refunds.
Topics: New Jersey policy property taxes retirement finance Social Security