This is correct!
However it's due to one of those special considerations. The property tax credit is $50, assuming an effective tax rate of 3% (very conservative) you'd need your property taxes to be less than $1667 for the $50 credit to be a better value. Most homeowners in NJ will have much higher property taxes. (As do I)
The reason my calculations work out the way they do is due to the fact that I work in New York City , therefore have only NY state taxes withheld from my paychecks and use the other state income tax credit for NJ. Reducing my AGI for NJ reduces the amount of this credit I can claim thereby making the property credit a better option!
