2023 vs 2024 New Jersey Deductions and Exemptions - Property Tax

[hero123]

Hi

I notice in 2024 New Jersey Tax Summary, there is a property tax under deductions and exemptions shown below.

but in 2023, it isnt show there below. I have checked that the property tax is added correctly. Does TurboTax make an error?

[robtm]

For 2023 the property tax is listed under credits rather than under deductions and exemptions as on 2024. It looks like you get credit for them in both years.

[hero123]

In 2024, the property tax under exemptions is in thousands of dollars but in 2023, the property tax credit is $50. I lived there for the full years and property tax I paid for both years are around the same amount.

Something wrong?

tks

[AmyC · Accepted solution]

NJ allows the option of a deduction to reduce your income or a tax credit which reduces your tax bill dollar for dollar. The program is choosing the best one for you. Great job catching that! Thanks for the screenshots -big help.

See: Property Tax Deduction/Credit for Homeowners and Renters