Q. My husband and I are retired. We live in northern New Jersey, with its high property taxes. We were considering moving to Pennsylvania where we can save a great deal in property taxes. However, we have been told that Pennsylvania has a variety of other taxes that, when added up, greatly reduce the differential between the cost of living in New Jersey versus Pennsylvania. What do you think? — Retired A. You’re right that New Jersey has incredibly high property taxes. In study after study, New Jersey is ranked No. 1 for the highest real estate taxes in the 50 states plus the District of Columbia. One study said New Jersey real estate tax on a $205,000 home was $5,064 and the median was $8,1
Q. Can I get a property tax deduction or credit if I bought a condo in March 2019 when I moved to New Jersey? I am 66 years old. — Garden Stater A. You’ve got several items to consider, but your new arrival in the state disqualifies you from one popular program. New Jersey allows all homeowners and renters a tax deduction for their real estate taxes. Homeowners can deduct up to $15,000 in real estate taxes, said Bernie Kiely, a certified financial planner and certified public accountant with Kiely Capital Management in Morristown. He said renters are allowed to deduct 18% of their rent as a property tax deduction and are also limited to the maximum $15,000 deduction. In addition to the incom
