US Senator Robert Menendez, US Rep. Rush Holt, and New Jersey Governor Jon Corzine were in Monroe, New Jersey on Thursday to discuss a new a property tax relief initiative that Menendez and Holt included in federal housing legislation signed into law by President Bush on 30th July 2008.
The new property tax deduction will benefit homeowners who do not itemize on their Federal tax returns.
Under the law, single-filing property taxpayers will be able to take an additional standard deduction of USD500 and joint filers will be able to deduct USD1,000 for state and local property taxes paid.
“We’re hoping that this will benefit families who have seen their mortgage payments skyrocket and are concerned about the price of driving the kids to school, driving to work and putting food on the table,” Menendez explained, adding:
. “We know that our seniors are even more likely to claim the standard deduction on their tax returns, and we’re hoping that this will provide relief to those who may have fixed or limited incomes but still carry the burden of property taxes. Even better, we‘ll provide this break without depleting the resources brought in by property taxes that help communities build schools and provide a quality education for our children.”
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