Taxes in New Jersey
Property owners in New Jersey are subject to some of the highest taxes in the nation. In fact, many researchers say that people in New Jersey tend to pay more in Property taxes than in any other state. When you know that so much of your company’s expenses for the year will relate to property taxes, it is only sensible to look for ways to relieve your tax burden.
The news that New Jersey has the highest property tax rates in the nation is not the result of a recent development. Year after year, this state has won that dubious distinction. With an effective property tax rate of 2.31 percent, it’s easy to see why many people feel that their tax bill is out of hand.
New Jersey property taxes are expensive for a reason. The several hundred municipalities in the state rely particularly heavily on property tax collections to fund their operations. Police, fire and road maintenance all are supported by property taxes. Other programs that rely on these funds include public schools, public libraries and county governments.
Federal Tax Bill
Property owners in New Jersey may soon experience even more pain in connection with their tax bill if the hotly contested federal tax bill ultimately passes. That bill will place a limit of $10,000 in property taxes that taxpayers can deduct from their federal tax liability. Plainly, this would be bad news for owners of commercial and industrial properties, who often pay a hefty property tax bill every year.
Potential Property Tax Bill
New Jersey lawmaker Joe Pennacchio is proposing that the state should lift its deduction limit of $10,000 on income tax returns if the federal bill passes. This measure would help to shield property owners somewhat from their prohibitively expensive tax bills. As new governor Phil Murphy observed, approximately one-quarter of property owners in the state pay in excess of $10,000 every year in property taxes. This means that lifting the $10,000 deduction limit on state tax returns could make a big difference in the bottom line of many companies.
People who own commercial and industrial properties in New Jersey are subject to paying multiple thousands of dollars in property taxes every year. Regardless of what happens with property tax deduction limits at the federal and state levels, it is vital for these property owners to look for ways to ease their tax burden.
Property Tax Appeals
New Jersey property taxes are among the highest in the nation. This makes it essential to seek professional guidance for property tax appeals. At Assessment Technologies, knowledgeable property tax professionals look for ways in which commercial and industrial property owners can reduce their property taxes while increasing their profits. With their assistance, many property owners have enhanced their profitability while keeping a lid on expenses. Contact them today to review your property tax assessment or to file an appeal.