Skip to main content
February 2, 2025
Question

My NJ property tax deduction is not lowering my NJ due

  • February 2, 2025
  • 1 reply
  • 0 views
No text available

    1 reply

    February 3, 2025

    You may qualify for either a deduction or a refundable credit when filing an Income Tax return. The property tax deduction reduces your taxable income, it is reported on your NJ1040 form on line 41.

    The property tax credit reduces your tax due because it is subtracted directly from your tax liability. The benefit is a refundable credit of $50. The credit will show on form NJ 1040 line 56. 

     

    You are eligible for a property tax deduction or a property tax credit only if:

    • You were domiciled and maintained a primary residence as a homeowner or tenant in New Jersey during the tax year; and
    • Your primary residence , whether owned or rented, was subject to property taxes, that were paid either as actual property taxes or through rent; and
    • If you rented your primary residence , it had its own separate kitchen and bathroom that you did not share with occupants of other units in the building, if there were other units;
    • If your primary residence was a unit in a multi-unit property you owned, the property had no more than four units and no more than one of those was a commercial unit;
    • Your gross income is more than $20,000 ($10,000 if filing status is single or married/CU partner, filing separate return), or you (and/ or your spouse/civil union partner if filing jointly) were 65 or older or blind or disabled on the last day of the tax year.

    For more information please check: NJ Division Of Taxation

     

    To preview your state return in TurboTax Online before filing: 

    Click on Tax Tools on the left side 

    Click on Print Center

    Then click on Print, save or preview this year's return

     

    Switch to Form mode to check your form when using TurboTax Desktop

     

     

     

     

    **Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"