Military Disability Pay: New Jersey does not tax total and permanent disability income if you are considered disabled under the federal Social Security Act do not report these payments (Source)
VA Disability Dependency & Indemnity Compensation Benefits: New Jersey does not tax total and permanent disability income. If you are considered disabled under the federal Social Security Act, do not report these payments. (Source)
Income Tax Comments: *Taxpayer 62 or older with income $150,000 or less can exclude up to $75,000 ($100,000 married filing jointly), income between $100,001 and $125,000 can deduct 37.5% if single (50% married filing jointly), income between $125,001 and $150,000 can deduct 18.75% single (25% married filing jointly). State allows county- and city-level income tax.
Local municipalities average 2.47% of the property's assessed value.
Calculation of assessed value: 100% of fair market value
Relief programs for:
Owner-occupied: Credit programs available based on income.
65 and over or Disabled: May be eligible for tax credit of up to $500 if income less than $150,000. Can be reimbursed for property tax increases based on income (cannot exceed $92,969) and residency requirements. Credits of up to $250 available if income under $10,000.
Veterans/Surviving Spouses: Tax credit of up to $250 available.
Disabled Veterans/Surviving Spouses: Full exemption available if 100% service-connected disability.
Personal Property Tax: Yes. Rates and exemptions vary.
Inheritance & Estate Taxes: Estate tax has been repealed for deaths after Jan. 1, 2018. Deaths prior to that may owe estate tax. Exemptions for some family available. Inheritance tax on $500 or more up to 16%; some family members are exempt.