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Property Tax Fat Trimming: Shaving Cost in New Jersey

Apr 24, 2008
With expenditures rising in almost every category when it comes to consumerism in the U.S., it's no wonder that property tax is in line with that trend too. Although it's not the most expensive thing a homeowner has to pay with a house, it can add the extra sting to mortgage payments or a seemingly bigger sting if you pay the total amount at the end of the year.

This article will go over some of the options for senior home owners, by the state, that offers savings in property tax that you and New Jersey realtors should know.

Discount for Senior New Jerseyites

Just like getting the Denny's grand slam for a buck or two less, New Jersey is offering their own senior discount for property tax. Its part of a property tax rebate incentive in the Homestead Act portion of New Jersey's real property law. For those 65 or older and meet certain income requirements the provisions can possibly allow $250 deducted from their annual property tax payment.

This law is open to other senior such as those whose spouse or civil union partner has died. If you are a spouse or were in a civil union of a deceased New Jersey citizen that was 65 or older, you may be eligible for the same deduction of $250. Of course there are always some extra provisions. For example, in this case with the spouse/civil union, it would be noteworthy to mention that the petitioner would and could not be married or in a civil union and still get the same $250 annual deduction.

There are also another offering in the same vein for those who are under 65 and have been permanently or totally disabled can also be subject to the same deduction. This also works the same for the spouse or civil union half as described for those who apply that are over 65. The provision in this case is that the applicant would have to be 55 years of age or older at the time of the death of their spouse and would not have be permanently and totally disabled themselves.

These deductions are found in New Jersey's Statues. More specifically, if you are law savvy or have a lawyer who can help, more detail can be found in the books under the call N.J.S.A. 54:4-8.41 and 41a.

Some New Jersey realtors may not be up on all the provisions with this law, so if you think you fit some of these profiles mentioned above, it would behoove you to mention this or check out your local law library to pursue.
About the Author
REMAX New Jersey (http://www.remax-nj.com) provides service in hot home markets such as Bergen County real estate and the greater New Jersey area. The New Jersey Realtors at REMAX put together a concise online search page to make home buying easier. The author, Art Gib, is a freelance writer.
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