How many deductions are allowed per property for the Single Property Deduction?

The Single Property Deduction allows each eligible property owner in New Jersey to receive a deduction of up to $250 from their property taxes. This deduction is designed to provide tax relief to homeowners and is limited to one deduction per property. Thus, when a property owner qualifies for this deduction, they are permitted to deduct $250 from their overall property tax bill. This assists in reducing the tax burden specifically for individual property owners and encourages homeownership.

The other options reflect amounts or conditions that do not align with the established guidelines for the Single Property Deduction in New Jersey. For instance, a single $150 deduction does not meet the established amount for this specific deduction, and multiple deductions for the same property are not allowed. Understanding this allows property owners to accurately identify their tax responsibilities and available reliefs.