file photo by Boyd Loving
the staff of the Ridgewood blog
Ridgewood NJ, each year, the average American household spends $2,471 on real-estate property taxes plus another $445 for residents of the 27 states with vehicle property taxes. With such high costs, it’s no surprise that more than $14 billion in property taxes go unpaid each year, according to the National Tax Lien Association. In some situations, residents may be eligible to deduct taxes on personal property—such as real estate—from their federal income tax bill. If this is the case, an accurate online tax calculator should be used to ensure that the amount being deducted is correct. For those that are eligible to claim this deduction, the information should be correctly filled out on Schedule A of Form 1040 according to the IRS.
Continue reading New Jersey Is 2022’s State with the Highest Real-Estate Property Taxes
