Couple of things you didn't consider or got wrong. Yes housing is more expensive. You forgot the interest rate on mortgages back then. Depending on the exact date of comparison anywhere from 3 - 9% higher. And it wasn't the "older fringe" of boomers who dealt with Vietnam. And they, unlike millenials, faced the draft.
OT: Property tax relief coming for those over 65
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Couple of things you didn't consider or got wrong. Yes housing is more expensive. You forgot the interest rate on mortgages back then. Depending on the exact date of comparison anywhere from 3 - 9% higher. And it wasn't the "older fringe" of boomers who dealt with Vietnam. And they, unlike millenials, faced the draft.
I did more than that. I was part of that rare group near the end of Vietnam who faced the draft WITHOUT a student deferment. I was 1A during my year of eligibility which was my freshman year of college but they weren't taking as many and had a high enough draft number so I wasn't called.
They should have stuck with the original proposed $10k limit. Better yet, this shouldn't be a rebate program (hope it's not, haven't reviewed the bill). Give the money directly to municipalities to credit property tax bills at the source. No need for seniors to front the money and then get a check the following year. That's stupid.
You don't think getting a physical check isn't part of the plan? Especially if it comes between Labor Day and Election Day? And of course, renters would have to get a check.
Of course that is typical BS Trenton thinking, but making seniors play the entire bill means that money still needs to be available every year. If they wanna vote whore, make towns include a letter from Trenton on their credit with each bill.
Yeah, I need to read the actual bill. Regardless, $500k of likely retirement income for most people is a super high bar.
I am not certain, but I think it is a cliff, just like eligibility for the NJ Anchor program or for the special pension income exclusions.
Yea, I agree it’s pretty high. But it could be you get some variable percent off but it’s phased out at $500k. In other words, for example, do you get the full benefit at any income up to $500 or do you get a percent of the maximum benefit that varies with income (e.g, if you make $250k do you get the full rebate up to the max, 1/2 the benefit, or some non-linear portion).
Yeah well NJ taxpayers are net losers every year on tax revenue that goes to red states. I'm good with this
Getting a rebate likely means you get an artificially inflated NJ property tax deduction too.
When I got my $1500 anchor this year they didn't have me adjust property tax deduction or tax it as income. .. double dipping here.
Not exactly a windfall. The SALT limitation will probably kick in at the federal level.
You're right, but so is he -- if X pays $10,000 in property tax and then gets a $1500 state rebate (under NJ anchor or this new program), then X can continue to deduct $10,000 on his NJ return while the $1500 is not taxable in NJ. But you're right at the federal level; indeed, the reason why the rebate is not taxable at the federal level is that most taxpayers get no federal tax benefit from their property taxes.
The Gov fought this big time
He had to accept it, all he could do was modify it
Thanks but I wasn't talking about federal or 1500. I was thinking more about deducting $13000 on your state return when you really only paid $6500.
I know it's not a windfall but could be a couple hundred extra. Just pointing out the math and loophole(?).
As someone else pointed out everyone in nJ is up for election in the fall except him.
I really think that $6,500 is not enough to draw people back. They would still have to pay $6,500 with a much higher cost of living expense.
I'm in NY and my total property tax bill is $7,868.76 a year. What are they paying in Florida, Tennessee,
N & S Carolina or Texas?
I got my Draft notice and was not a student. Immediately I joined an Army Reserve unit at Monmouth and spent the next 6 years going to 2 week summer camps and weekend meetings once a month. Had Basic at Ft Bragg than 6 months training at Ft' Devins in Mass.
My taxes will drop to under $4k on a $550k house. Not too much different than those. It is certainly a positive that changes things for me. Will no longer feel the big incentive to leave.
Prices were very different in 1997 from 2023, as was income. And many corporate jobs had pensions and company-paid for medical and dental and life insurance plans. You didn’t have to dump income into a retirement savings plan and kick-in for medical and dental coverage and realistic life insurance coverage. Housing was far less expensive. And two-income families and one or maybe two kids are the norm these days, so lots of folks are living in high cotton.
Good luck with that. My county and local taxes haven't gone up for 5 years but the regional school (central) and local k-8 that represents 75% of my taxes somehow manage to increase just under the 2% vote threshold despite enrollment being down 15+% .
How do you propose to resolve that beyond having the State pay for the entire cost of education?
Teachers now have take home pay basically what they took home in 2011/2012 and there are a significant number of teachers leaving the profession
I believe the SALT limit is set to expire next year. Hopefully the Dems take the house so they can let this tax increase sunset.
Law enforcement makes much more but they are far less costly in terms of impact on property taxes just based on the numbers of employees
Even with those huge pensions? My cop friend about to retire before 45 with a 200K retirement.
My guess is you are a senior who will collect far more in SS than they paid in. It's a ponzi scheme. Not hard to figure out its an abysmal program.
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