Aug 20, 2008 3:40 pm US/Eastern
Corzine Touts New Federal Property Tax Deduction
MONROE, N.J. (AP) ―
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Gov. Jon S. Corzine joined Sen. Robert Menendez and Rep. Rush Holt Wednesday to tout a new federal property tax relief initiative.
AP
Relief is on the way for hundreds of thousands of New Jersey taxpayers.
Gov. Jon Corzine, Sen. Bob Menendez and Rep. Rush Holt visited the home of two taxpayers Wednesday to promote a little-known provision in a new federal law that could put an extra $500 to $1,000 in property taxpayers' pockets.
Millions of property taxpayers across the country who don't itemize deductions could benefit from the provision, they said.
"This is an exceptional, important step, particularly for New Jerseyans who struggle with property taxes as well as all of the other rising levels of inflationary costs," Corzine said. "On the state level, we remain vigilant in our dedication to property tax relief for homeowners."
Under the new law, single-filing property taxpayers can take an additional standard deduction of $500 and joint filers can deduct $1,000 for state and local property taxes paid or accrued.
The provision was part of the federal housing rescue and foreclosure prevention act recently signed into law by President Bush.
"Over 600,000 here in New Jersey own property, pay property taxes but do not itemize on their income taxes," said Menendez. "For them there was no relief."
The new allowable deduction starts with 2008 tax returns.
For Herb and Susan Junker, whose home was the backdrop for the event, the new relief is a big deal.
"As a senior citizen on a fixed income, this is certainly going to help with our property taxes," said Herb Junker.
New Jersey has the highest property taxes in the nation, which average $6,800 per homeowner -- twice the national average.
(© 2009 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)
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