| Author |
Message |
    
Townie
| | Posted on Friday, January 19, 2001 - 3:08 pm: |     |
Hi,
Does anyone know if the law allows Maplewood to make exemptions for seniors or those on fixed-incomes, or hardship cases when it comes to paying taxes on their re-assessed property?
New Jersey tax law is especially regressive for the elderly, because while those who are still making income can deduct their property taxes from their income taxes, seniors and others who pay little or no income tax end up paying the entire real dollar amount of their tax increase.
Are there provisions in the law to soften the blow for the elderly? |
Chico
| | Posted on Friday, January 19, 2001 - 7:34 pm: | |
Yes! It is something that you likely already know of, but did not consider: the steeply progressive nature of the tax tables (and algebraic equations). Additionally, most of the aforementioned persons likely made their purchases in days of yore, when Maplewood homes were more reasonably priced. This does not cover all hardship cases, however. Who, then, is responsible? That is a tough question. Possibly the local board of realtors, and the local coalition on racial matters, are at this moment contemplating serving as funding sources for such hardship cases. I am in no way suggesting that either body is responsible for the blow that the elderly and other fixed incomers will soon be suffering. |
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