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Form 4876-A Elizabeth New Jersey: What You Should Know
Sep 20, 2023 — Summary of S.4876 — 117th Congress (2): A bill to repeal the prohibition on the trafficking and manufacture of The Official Website for The State of New Jersey The Official Website for The State of New Jersey The Source for New Jersey's Property Tax Information The information on this web page is subject to change at any time without notice. This is intended as a guide only, and it should not be construed as legal or other professional advice. The information on your tax return and on this web page is subject to change at any time without notice. The State of New Jersey taxes real estate (lots of it) and motor vehicles (including boats) on a tax basis. These taxes generally increase every year. These increases are not subject to “rollover”. This means that you will receive a lower tax bill should you claim one the following year. For more than one year, your taxable income will be based on the last year's tax return. If you have not elected to receive a tax refund, you may be entitled to a refund of your tax liability as long as you have not claimed any credits. New Jersey uses the dollar amount of real property taxes (as well as vehicle registration fees) to determine your real property taxable valuation. You may be assessed more or less than you are paying for your home or car. New Jersey's income tax laws (Sections 5-3-7, 5-3-7A, and 6-4-1) allow a taxpayer, to the extent that his or her gross income from sources within New Jersey exceeds 100,000, to elect to use the federal alternative minimum tax (AMT) in computing his/her taxable income instead of the state taxes imposed by the Internal Revenue Code on income derived from sources within New Jersey. An individual can elect any of the three options: (1) AMT, (2) a portion of the portion of AMT, or (3) a portion of a portion of the portion of AMT. A taxpayer who does not elect the AMT option but is subject to the state income tax (Section 7201(a)(1) and 7201(b)(1)), must compute and keep separate records for the year in which the election is made. The taxpayer will be subject to both New Jersey income tax and the state tax imposed by the Internal Revenue Code on his/her income, regardless of which tax is selected.
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