Up to $6,500 worth of property tax cuts will be provided to the senior homeowners in New Jersey. In this article, read and find out who qualifies for the tax relief!In the state of New Jersey, homeowners pay the highest property taxes among the states in the U.S. Fortunately, Governor Phil Murphy recently announced property tax cuts for the senior homeowners aged 65 and older.
According to Grieve, the property tax cuts will not take its full effect until 2026, but a recent deal to provide up to $6,500 to eligible homeowners was announced last week. Other U.S. states such as Iowa and Washington have also increased their property tax cuts for their senior residents in the past few months.
Property Tax Cuts in New Jersey
According to Tully, the property tax cuts in New Jersey have reportedly become notable due to the fact that it is a tax credit and the average property taxes in the state are around $9,500 per year. This suggests that the property taxes of senior homeowners will be cut in half up to a maximum of $6,500. Nonetheless, to be able to qualify for the property tax cuts, an individual’s income must be less than $500,000.