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Does New Jersey have a property tax break equivalent to New York's Star Deduction? My proposed mortgage makes me want to do this: , but when you add the property taxes i want to do this: , then this:. Essex county is bananas, do you guys get any relief what so ever?
I know what you mean I had a friend that was going on and on about how mortgage is just like paying rent and no big deal... My thing is yes Mortage is just like rent but when you factor in the HOI and Property taxes it no where near what I used to pay for rent LOL
That's a great link. I'm a new homeowner in NJ and wasn't aware of this. I wonder if the 75K gross income limit is per person. I live with my boyfriend but we'll be filing separately
The Star Deduction takes off on average 1000-2500 the annual taxes in NY. You have to apply annually before a deadline of May 1st. You can guess how helpful it is. And JC JC Mom, the difference for me is an extra $1000 per month, its sickening.
Only deduction I am aware of us $250 for veterans. If you are disabled veteran you receive more.
There's the regular veteran's deduction ($250 for each qualifying veteran, $250 for the surviving spouse of each qualifying veteran -- a surviving spouse who is also a qualifying veteran will receive $500), and the disabled veteran's deduction, which as a more complicated calculation (a 100% disabled veteran will pay no taxes on a single family home; a 100% disabled veteran will pay no taxes on the portion of the property he or she actually occupies, so that a 100% disabled veteran will pay 33% on a 3-family home, for example). Proof from the VA must be provided.
In addition, the state of NJ offers a senior citizen deduction: $250/year for a qualifying senior -- over age 65, must be the owner of the property or hold a life estate in the property, must reside in the property, must meet the income test ($10K or less, which covers all forms of income except Social Security -- this amount is applicable to a single person or married couple). The disibility deduction is the same amount, with the same restrictions as to income, but not for age, but the applicant must provide proof that he or she is on Social Security disability. Each deduction has a proviso for a surviving spouse, and there can be only one per property (unlike the vet deduction, which allows for multiple qualified veterans on one property).
I know what you mean I had a friend that was going on and on about how mortgage is just like paying rent and no big deal... My thing is yes Mortage is just like rent but when you factor in the HOI and Property taxes it no where near what I used to pay for rent LOL
But property taxes are deductible, unlike rent.
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, but when you add the property taxes i want to do this: 
, then this:
. Essex county is bananas, do you guys get any relief what so ever?
