Tags: new jersey | property taxes | charity

NJ Residents May Soon Be Able to Declare Property Taxes as Charity 

NJ Residents May Soon Be Able to Declare Property Taxes as Charity 
(Colin Murphey/Daily Astorian via AP)

By    |   Tuesday, 27 February 2018 11:15 AM

New Jersey lawmakers have passed a new bill that would allow homeowners to wiggle out of paying property taxes.

The State Senate's 28-9 vote on Monday lets cities create charitable organizations to accept property taxes so residents can declare them as deductible contributions.

The measure would restore the limitless tax breaks once allowed on state and local property taxes — breaks now capped at $10,000 under President Donald Trump's tax reform measures.

But the bill, which now goes to  the State Assembly, will likely face tough federal scrutiny. In fact, skeptics believe the IRS is unlikely to permit the change, U.S. News & World Report says.

New Jersey homeowners pay some of the highest property taxes in the country. They shelled out a record average of $8,690 in 2017, state data shows.

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New Jersey lawmakers have passed a new bill that would allow homeowners to wiggle out of paying property taxes.
new jersey, property taxes, charity
132
2018-15-27
Tuesday, 27 February 2018 11:15 AM
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