Lower Property Taxes? Buy a "farm".
From the Courier Post:
Landowners abusing tax breaks
Landowners abusing tax breaks
A top environmental group is claiming that a state program meant to provide farmers tax breaks is being abused by "phony farmers."
By owning a few horses or mowing some hay, landowners are able to save a bundle on property taxes while the rest of the state's property owners pay taxes that are ranked the highest in the nation, said Jeff Tittel, president of the Sierra Club's New Jersey chapter.
"Certain people are taking advantage of the system and it raises the taxes for everybody else," Tittel told The Press of Atlantic City for Sunday newspapers.
The program, approved by voters in 1966, is available to any landowner with at least 5 acres of land yielding at least $500 per year. Each additional acre needs $5 in production to qualify.
Property in the program has its assessed value lowered by 90 percent, producing big property tax savings.
"They can grow hay or cut down some trees and get the land banked in the assessment program until they're ready to build on it," Tittel said.
...
The program presently requires farmers to pay back three years of savings when they convert to development.
"We say roll it back 10 years and use the money to fund the assessment program," Tittel said.
The group's complaints come at the same time state officials are examining how they might lower property taxes, which on average cost $6,000 per year for a New Jersey property owner, twice the national average.
3 Comments:
{{{since when has anyone cared about their fellow man when it came to their own self interests? that's the problem with this part of the country. me first, and you are???}}
Especially in this part of the country. People have a very hostile, confrontational & nasty attitude toward others. Another result of the credit bubble. That is why it is BS.
Genius! Do you even have to sell $500 worth of produce, or do you merely have to produce that much? If you could give it away, you could become a pretty good neighbor, if you couldn't eat 200lbs of tomatoes ;)
JUST BUY THE $500 WORTH OF PRODUCE YOURSELF.
Post a Comment
<< Home