Homeowners Verification of 2022 and 2023 Property Taxes (For use with Form PTR-1)-2025

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Beginning with the 2023 filing season, new legislation increased the income limit for the program to $150,000 for Tax Year 2022, benefitting those filing the 2023 PTR-1. The law also eliminated the requirement that an applicant must be a New Jersey resident for 10 consecutive years to be eligible for the program.
Cons of Prop 19: CA property tax complications If your child or grandchild must live in the home. If you have multiple children, there may be disagreement about the property, creating conflict in your life. After you transfer the property, it is no longer yours and you no longer have control of it.
Key Changes Under Proposition 19: Inherited properties are now reassessed at market value unless certain conditions are met, often resulting in higher property taxes for heirs. Loss of Parent-Child Exclusion: Previously, parents could transfer their primary residence to children without triggering a reassessment.
If you are over 55 years, severely disabled, or the victim of a disaster, Prop. 19 allows homeowners who purchase a replacement home of greater value than their original home to transfer their tax base with an adjustment to account for the value difference.
Eligibility. Homeowners, including owners of mobile homes located in mobile home parks, age 65 or older, or receiving Federal Social Security disability benefits, who paid property taxes on their principal residence in New Jersey either directly or through mobile home park site fees.
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Proposition 19 (effective April 1, 2021) modified the previous provisions, and now allows eligible homeowners to transfer the taxable value of their existing primary residence to a new replacement primary residence. The replacement residence can be of any value*, and anywhere within the state.
If you are over age 55, you may sell your primary residence, buy another residence, and transfer the base year value as long as all the other requirements (timing, value, residency, timely filed claim) are met. It does not matter how you acquired your original property.

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