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What is the NJ annual property tax deduction?

By Bob Millaway, South Jersey Community Expert & REALTOR®

New Jersey offers a property tax deduction of up to $50,000 against your income for homeowners who itemize deductions. Additionally, the ANCHOR program provides direct property tax relief payments to eligible homeowners and renters. Homeowners earning up to $250,000 may qualify for payments of $1,500 or more.

Why It Matters

These tax relief programs can significantly reduce your overall housing costs, but you need to know about them and apply to receive the benefit.

Related Questions

How are property taxes calculated in New Jersey? How do I appeal my property tax assessment? What is a tax assessment and how often is it done? How do property taxes affect my monthly mortgage payment? How are New Jersey property taxes compared to other states?

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