A buddy of mine talked about a plan floating in NJ whereby property taxes are not stated as property taxes but half is “School donations” and deductible from property taxes.
Example: A $16,000 property tax bill can be cut in half if the person makes up to an $8,000 “school donation” and then only pays $8,000 in property taxes. Both $8,000 payments are federally deductible and the State gets the full $16,000.
“A buddy of mine talked about a plan floating in NJ whereby property taxes are not stated as property taxes but half is “School donations” and deductible from property taxes. Example: A $16,000 property tax bill can be cut in half if the person makes up to an $8,000 “school donation” and then only pays $8,000 in property taxes. Both $8,000 payments are federally deductible and the State gets the full $16,000.”
So by that rationale, if I make a ‘donation’ and can take it as a full credit off of my property taxes. Will that apply to ANY legitimate charity (like NRA Gun Safety Fund), or only specific ‘school donations’?