Among the highest property taxes in the United States of America is that of New Jersey.
For this reason, the state authorities communicated a tax exemption for homeowners who are 65 years of age or older.
This proposal has the support of the Governor of New Jersey, Phil Murphy, and it is desired that the discounts reach $6,500.00 USD. The initiative is expected to take effect in 2026.
Democratic lawmakers are in the majority in this state and have so far not given their consent to pass the measure. This project has the benefit of substantially reducing property tax taxes, which exceed $9,500.00 USD per year.
This figure means the average for single family households and eligible seniors cannot earn more than $500,000.00 USD per year. Mr. Murphy commented on his intention to implement the future law. This will become one of the largest tax cuts in New Jersey history.
Other states also lower tax taxes
Several analysts consider that this norm is not equitable, because many citizens with financial resources would pay similar amounts to those with little financial capacity.
This view is also held by Peter Chen, who is director of the New Jersey Policy Perspective’s team of specialists.
The Institute for Tax and Economic Policy (ITEP) reported that many states in the country have laws to lower tax rates.
In recent months, some states such as Iowa and Washington have lowered fees for senior homeowners.
In the current 2023, Iowa applied a cut of $3,250.00 USD to the price of homes for the elderly to reduce taxes. This state charges an average annual property assessment of less than $2,000.00 USD.
