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Old 07-10-2009, 02:57 PM
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New Jersey's 2009 Tax Legislation affects property tax deduction for some taxpayers!

Prior to the New Jersey 2009 tax legislation, taxpayers were allowed to claim a property tax deduction of up to $10,000. However, the new 2009 tax legislation, "suspends this tax deduction in 2009 for taxpayers with gross income above $250,000 who are not at least 65 years of age and are not allowed to claim a deduction for blindness or disability."

"The bill also caps the maximum property tax deduction to $5,000 for taxpayers who have gross income of more than $150,000 but less than $250,000."

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