In the midst of an economic crisis where households are struggling just to get by each day and where the state of New Jersey keeps cutting funding to our schools and municipalities, our Trenton lawmakers want to now take away our ability to deduct our property taxes on our state income tax filings and remove our tax rebates!
With little or no funding to our municipality and schools we as property owners must now pick up the burden in increases to our property taxes. Couple that with a loss of tax rebates and the inability to deduct these taxes on our state income tax returns and it’s going to just tighten the noose around our neck.
Governor Jon Corzine originally wanted to suspend all non-senior households from this property tax deduction but in relation to an outcry from the public, he now was modified his proposal to allow for the deduction for senior households and households earning up to $150,000 per year. He has also proposed to modify the tax rebate allowing senior households and households earning up to $75,000 to receive the tax rebate.
In a state like ours where the cost of living and home-ownership is so expensive many earn well above these limits just to survive. It’s time we wrote our legislators in Trenton and let them know how we feel. The tax deduction and rebate program should be fully restored! Stop beating us up!
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