I escaped NJ a Loooooonge time ago. NJ is to blame for huge property taxes. Not the Feds.
My buddies down there in Waldwick and Franklin Lakes are taking it in the shorts BIG TIME because of property taxes.
Did you read my post? I’m well under the $10,000 cap; property taxes has nothing to do with this. Many people with property taxes over $10,000 can still benefit from this law - as long as they have no children, or only young ones. The increased standard deduction helped me a little (because my property taxes weren’t that high); the elimination of personal exemptions made my taxable income much higher (and doubling the child tax credit didn’t offset it because it only applies to children sixteen and under).
Waldwick and Franklin Lakes would have much higher taxes than my area; this law probably hurt them in that respect.
While I couldn’t afford the taxes in those areas, the simple truth is that in NJ sky-high property taxes are the only means to keep an area “white”. Another tactic in less-wealthy areas is to simply have no overnight parking on any street; people can’t convert single-family homes into illegal multi-families or rooming houses and fill your neighborhood with transients.