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Tax Relief Programs
The State of New Jersey offers Property Tax Relief Programs.
A few Tax Relief programs that are beneficial to Madison residents are:
Property Tax Freeze Program
Also called the Property Tax Reimbursement Program (PTR Program), this program reimburses eligible senior citizens and disabled persons for property tax increases on their principal residence. For more information call 1-800-882-6597 or click on the following link http://www.state.nj.us/treasury/taxation/ptr/
ANCHOR Benefit Program
The deadline for filing the ANCHOR benefit application has been extended to January 31, 2023. This program replaces the Homestead Benefit program. Unlike Homestead, the ANCHOR is paid by direct deposit or check, not as a credit off of your property taxes, and it is available to both homeowners AND renters or tenants. Homeowners with income under $250,000 and renters with income under $150,000 are eligible. For more information please visit https://nj.gov/treasury/taxation/anchor/index.shtml
Senior Citizen/Disabled Deduction
This program offers an annual deduction of up to $250 from property taxes for homeowners age 65 and older or disabled who meet certain income and residency requirements. http://www.state.nj.us/treasury/taxation/otherptr.shtml
Veterans Deduction
This program offers an annual deduction of up to $250 from property taxes for qualified war veterans or veterans who served in peacekeeping missions and operations, or a surviving spouse/civil union/domestic partner who has not remarried. http://www.state.nj.us/treasury/taxation/otherptr.shtml
Disabled Veterans Exemption
This program offers full exemption from property taxes for certain totally and permanently disabled war veterans and veterans who served in peacekeeping missions and operations, or a surviving spouse/civil union/domestic partner who has not remarried. http://www.state.nj.us/treasury/taxation/otherptr.shtml