Restoring property tax break can save you lots of cash. Why it could actually happen this time.
Updated 8:01 AM;
Today 8:00 AM
Rep. Josh Gottheimer announces the formation of a new congressional caucus to fight for restoring the full federal deduction for state and local taxes. Surrounding him are other founding members of the caucus.
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A Bergen County homeowner making $150,000 a year and owning a $600,000 house can expect to pay as much as $12,000 in property taxes and $5,000 in state income taxes.
Until 2018, taxpayers could deduct that full amount on their federal income tax returns. But Republicans capped that tax break at $10,000.