The State of New Jersey Department of the Treasury Division of Taxation released Income Guidelines to help define what income may be deducted or excluded from gross income when determining eligibility for the Real Property Tax Deduction. This program is for applicants who are age 65 and older/or permanently and totally disabled or blind and/or their qualifying surviving spouses who are age 55 or older who reside in New Jersey.
The following information replaces the Guidelines of July 2020 and pertains to Property Tax Deduction Claims (Form PTD) for Tax Year 2021 and Annual Post-Tax Year Statements (Form PD5) filed by March 1, 2022, to confirm 2021 income.
- Initial application Form PTD must be filed with the assessor between October 1 and December 31 of pretax year 2020 or with the tax collector at any time during the tax year from January 1 2021-December 31, 2021.
- Social Security income data is based on an individual retiring at full retirement age in 2021 who has contributed to Social Security at maximum wage levels through 2020. This data can be used to determine whether a PTD applicant meets the $10,000 income limit for 2021.
- PTD applicants should provide the assessor or collector with the amount of annual benefit and the name and address of the agency granting the benefit. Read more