Yes, the New Jersey property tax deduction applies to homeowners and renters.
The New Jersey property tax deduction, in accordance with the New Jersey Division of Taxation, applies to homeowners and renters who pay property taxes on a primary residence (main home) in New Jersey, either directly or through rent. They may qualify for either a deduction or a refundable credit when filing their Income Tax return.
The property tax deduction would reduce your taxable income. The deduction is the lesser of your property taxes paid or $15,000, whichever is less. For renters, 18% of rent paid during the year is considered property taxes paid.
The amount of property taxes paid that is deductible depends on factors, such as the number of owners or units. Visit Determining the Amount of Property Taxes Paid for more information.
Click here for additional information on the New Jersey Property Tax Deduction
Click here for eligibility requirements of the New Jersey property tax deduction.
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