Hi,

This week the New Jersey Legislature passed the new budget for Fiscal Year 2010.

The state of New Jersey and NJAR has reported that a tax rebate for homeowners has been reinstated from a windfall that was found by the state after the tax amnesty program yielded a gain in the coffers.

Households earning as much as $250,000 will be able to deduct their property taxes from their state income tax filings. Households earning less than $150,000 will be able to deduct as much as $10,000, while households earning between $150,000 and $250,000 annually will be able to deduct up to $5,000.

The windfall will also be used to provide property tax rebates for households earning up to $75,000. Despite the unexpected revenue from the tax amnesty program, to account for an $8 billion shortfall, the budget reduces government programs and increases a variety of taxes. Some of the tax increases in the budget include:

• An extension of the 4% corporate business tax that was set to expire July 1, 2009
• A 25% increase on alcohol, excluding beer
• An income tax surcharge on households earning more than $400,000
• A 1.35% increase on certain health care insurance premiums

Any news about taxes and rebates coming back to us is good news in my opinion.

If you or someone you know is planning a Move in the near future, call your Pascack Valley experts, Lisa & Bob Hammerstein at (201)218-6802 or visit us on our website at www.HammersTeam.com.  We'll be able to help you if you're Moving to any of the Pascack Valley towns in Bergen County New Jersey.


For more Local Information about the Pascack Valley area of Bergen County, New Jersey, call Bob & Lisa at (201)218-6802 or visit us online at www.HammersTeam.com.

Your Real Estate Resource for the Pascack Valley!

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Robert & Lisa Hammerstein • Sales Associates • Coldwell Banker • (201)315-8618

• Address • 50 Broadway • Hillsdale, NJ 07642 •