Tag: Windfall

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NJ State Senate Republicans Propose Returning $4 Billion to New Jersey Taxpayers

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the staff of the Ridgewood blog

Trenton NJ, Republican members of the Senate Budget & Appropriations Committee called for a windfall of State tax revenues to be returned to New Jersey taxpayers after the State Treasury revealed billions in unexpected revenues that isn’t needed to balance the budget or meet important priorities.

The Republican members of the Senate Budget Committee called for a windfall of State tax revenues to be returned to New Jersey taxpayers.

Continue reading NJ State Senate Republicans Propose Returning $4 Billion to New Jersey Taxpayers

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Windfall as Ridgewood Rakes In Tax Prepayments

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January 10,2018

the staff of the Ridgewood

Ridgewood NJ, ,according to the Bergen Record ( https://www.northjersey.com/story/news/bergen/ridgewood/2018/01/09/20-m-prepaid-taxes/1007599001/ )the Village of Ridgewood received an astonishing $21.2 million from residents looking to prepay their 2018 property taxes in December of 2017.

The Tax Cuts and Jobs Act signed by President Donald Trump on Dec. 22 now caps the amount of state and local taxes that can be deducted on federal income tax returns at $10,000. In a state where the average homeowner’s yearly property tax bill surpasses that number by almost $8,000, according to the Urban-Brookings Tax Policy Center, residents headed to their local tax offices to try to pay by year’s end and deduct their 2018 property taxes from 2017’s federal taxes.

Ridgewood was not alone ,the Record reported that Montclair, residents jammed the coffers with $28 million and both Tenafly and Wayne saw more than $16 million each in prepayments.

Ridgewood Chief Financial Officer Robert Rooney told the Record that while Ridgewood’s $21.2 million total includes payments dating back to Dec. 1, $19 million of that was received within the last two weeks of the year, and $15 million in the three days after Christmas alone. Rooney added that the total payments in Ridgewood came from 3,500 separate transactions in a municipality where the average property tax bill is $17,180 per year.