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Property Taxes

Property Taxes News: Senate President Calls for Millionaire’s Tax to Help Close State Pension Gap

Summary of the Article

Assembly Speaker Vince Prieto (D-Hudson) said though income tax revenue is generally dedicated in New Jersey’s budget to propertytax relief, he’s …

Article

sweeney

Credit: Newsworks
State Senate President Stephen Sweeney (D-Gloucester)

Last month’s court ruling calling on Gov. Chris Christie and lawmakers to come up with another $1.6 billion in funding for the public-employee pension system before the current fiscal year ends has renewed debate about whether millionaires in New Jersey should be asked to pay more to keep the state budget balanced.

Culled From

first published: 2015-03-08 05:26:15[otw_is sidebar=otw-sidebar-11]

Categories
Property Taxes

Property Taxes News: Tax battle at Morristown Medical Center could bring financial pain to hospitals statewide

Summary of the Article

“This is the first case where the issue is the main hospital,” said Wolfe, who teaches a course on property tax exemptions for the New Jersey Institute of …

Article

MORRISTOWN — Two hundred and thirty-eight years ago, George Washington put this north-central New Jersey town in the history books when he used it as a wintertime encampment during the colonies’ bid to break from British rule.

Now, Morristown is involved in another battle — this time, with its biggest employer — that could have major implications for some of New Jersey’s biggest institutions.

Culled From

first published: 2015-02-22 12:22:30[otw_is sidebar=otw-sidebar-11]

Categories
Property Taxes

Property Taxes News: Tax collections rise 1 percent, business collections up more than $100 million

Summary of the Article

New York state collected $102.9 million more in business tax collections this … the second worst business tax climate in the country, just behind New Jersey. New York ranks among the worst in the country for income, property and …

Article

diana chelsea 10 2014 08

Chelsea Diana
Reporter- Albany Business Review
Email | Twitter

New York state collected $102.9 million more in business tax collections this year than last year, according to a new state report.

Culled From

first published: 2015-02-22 20:15:00[otw_is sidebar=otw-sidebar-11]

Categories
Property Taxes

Property Taxes News: Gas tax hike a non-starter at Montague pumps

Summary of the Article

For beleaguered New Jersey taxpayers, the nearly 40 percent decline in … estate tax, which he said would disproportionately benefit wealthier New …

Article

By ERIC OBERNAUER

eobernauer@njherald.com

For beleaguered New Jersey taxpayers, the nearly 40 percent decline in gasoline prices over the last 12 months has been the most welcome relief they’ve had in years.

And in a state renowned for its cheap gas but otherwise ranked routinely as having among the worst tax climates in the country, the impact of the state’s low gas prices can be seen in Montague and other points along the state line, where motorists and big-rig operators from out of state pour in by the thousands each day to fill up with cheap New Jersey gas.

Culled From

first published: 2015-02-23 05:26:15[otw_is sidebar=otw-sidebar-11]

Categories
Real Estate News

Real Estate Agent News: Biz expert: Tax breaks for Realtors time consuming

Summary of the Article

In general, rental real estate (commercial and residential) is considered as a … Now, for a realestate agent, you have to be considered a “Real Estate …

Article

CONNECTTWEETLINKEDINCOMMENTEMAILMORE

Hey, Dan “The Tax Man”: I am a part-time Realtor and someone told me that I can deduct all of the losses on my rental properties because I am involved in the real estate business.

Culled From

first published: 2015-02-26 22:30:00

Categories
NJ Real Estate News

Tax Appeals in NJ on The Rise

The number of tax appeals in New Jersey has increased dramatically in the past five years, according to the taxation division’s data.

Last year, the state logged nearly four times the number of appeals as it did in 2007, hitting its highest mark in almost 20 years. Tax attorneys and municipal officials believe that this year’s appeals may set a new record.

Categories
NJ Real Estate News

New Jersey New Homebuyer Tax Credits

The 2009 first-time buyers’ credit will add between 200,000 and 400,000 new sales that would not have taken place without the credit. Only 70 percent of existing buyers qualify for the new credit because of residency restrictions, according to a Goldman Sachs study, and many believe the only change in the first-time buyer credit, raising income limits, affects only 14 percent of first-timers and the extension of the credit will not motivate many others if they have not acted by now.

NJAR® anticipates that the newly signed legislation will help maintain the recent momentum seen in the New Jersey real estate market and spur the state’s economy as a whole. The legislation will extend the $8,000 first-time home buyer tax credit past its original November 30 deadline, and it will now be available through April 30, 2010. Additionally, existing homeowners who have lived in their homes for at least five consecutive years out of the last eight will be eligible for a credit that can total $6,500. Other details of that amendment are as follows:

  • Prospective purchasers with binding contracts in place as of April 30, 2010 will be allowed an additional 60 days to complete the transaction.
  • Credit remains at $8,000 for first-time purchasers. No change to definition of first-time purchaser.
  • Income limits are expanded to $125,000 on a single return and $225,000 on a joint return. Current law $20,000 phase-out retained.
  • The purchase price of the property may not exceed $800,000.
  • New anti-fraud limitations are imposed.
  • If selling and buying and if you qualify for the tax credit, you need to be under contract no later than the end of April 2010 and close no later than June 30, 2009.