And he’s getting ready to piss on the flag on the album cover.
Is he still gaming the system with his “ farm”?
Bruce Springsteen has utilized New Jersey’s Farmland Assessment Act to significantly reduce property taxes on his Colts Neck, NJ estate by designating portions of it as a farm. By leasing land for agricultural use (such as for hay or organic farming), his property qualified for a 98% tax exemption on the designated land, resulting in thousands of dollars in annual savings.
Key details of the Springsteen farm tax breaks include:
The Law: The 1964 Farmland Assessment Act requires landowners to have at least 5 acres of land actively devoted to agricultural or horticultural use.
Tax Impact: The tax on some of his acreage was reduced to a very low rate, such as a reported $4,638.67 in taxes on a 200-acre buffer, while his residential house was taxed separately, according to a PhillyBurbs article.
Reforms: In 2013, New Jersey tightened the law, requiring “farms” to generate at least $1,000 in annual gross sales (up from $500) to qualify for the tax exemption, a move targeting “fake farmers” taking advantage of the rule.