Download
1 / 3
30 likes | 152 Vues
This training presentation outlines the New Jersey Property Tax Reimbursement (PTR) program, commonly known as the "Senior Freeze." It explains the process for eligible taxpayers, including income requirements for both current and prior years, and the completion of necessary forms (PTR-1 and PTR-2). Taxpayers must provide basic information and complete the tax certification form at a local tax office. The reimbursement process, including how to calculate differences between current and prior year taxes, is also covered.
E N D
NJ-3 Property Tax Reimbursement v11.0 VO.pptx Referred to as “Senior Freeze” NJ Property Tax Reimbursement (PTR) Tax Law Training (NJ) TY2011 v11.0
PTR Forms and Preparation • Forms • PTR-1 Completed by TP in 1st year of eligibility • Must meet income limits in both current and prior year • PTR-2 Sent to TP by State in subsequent years with pre-printed prior year information • Preparation • Complete basic info: Name(s), address, SSN, over 65 or receiving SS Disability • Check boxes that TP meets residence eligibility requirements • Itemize total income, taxable and non-taxable, on back of PTR • PTR-1 Current and prior year • PTR-2 Current year only Tax Law Training (NJ) TY2011 v11.0
PTR Preparation • TP goes to local tax office for completion and certification of grossproperty tax onTax Certification form • PTR-1 Current and prior year • PTR-2 Current year • Using info from tax office, enter prior year tax, if applicable, and current tax on PTR • Difference between current year taxes and prior/base year taxes are reimbursed to TP • Signed PTR and Tax Certification Form mailed to State in pre-addressed envelope included in PTR package Tax Law Training (NJ) TY2011 v11.0
