Tax Information And Guide

Tax Software A law designed to help preserve farms has also helped developers convert farmland into suburbia. In 1964, New Jersey approved the Farmland Assessment Act to help farmers by allowing them to pay lower property taxes. But since then, the amount of farmland in the Garden State has steadily decreased - from 1.22 million acres in 1965 to 830,000 in 2000, a drop of 32 percent.

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Software Tax The Farmland Assessment Act requires farms to be five acres, and that farmers "anticipate" their crops will yield $500 in annual revenue in a "reasonable" period of time.

Voters are being asked to create an open space, recreation and farmland preservation fund. The issue before voters is a proposed expansion of uses of already approved local open space dollars, to add farmland preservation, maintenance of open space, and paying off open space preservation debt. Residents are being asked to allow the township council to double the open space tax, which could raise a potential $248, 000 next year.

Every Landlord Tax Deduction Gloucester Township planner David Benedetti says the requirements of New Jersey's laws are so lax that they encourage developers to speculate on land. Developers can hold onto their land, planting small crops and getting the farmland tax break. Then, when the market improves, they can build homes on the land.

MSN Money moneycentral.msn. home.asp MSN Money's Tax Estimator hepls you prepare to file this year's taxes with information about tax law changes. A tax terms glossary helps you decide what forms you need to file, and tax attorney Jeff Schnepper answers questions you post in the Tax Corner message board. TaxSites.com www.taxsites.com A directory of tax and accounting websites, TaxSites.com provides links for state tax agencies, legal information, organizations, and governmment sites for each state.

Tax Help If farmers in New Jersey sell their land and allow it to be developed, they are assessed a three-year tax penalty. But the profit from developing the land dwarfs the penalty that would be assessed.

On Nov. 4, Holmdel residents will be asked to approve an increase in the open space tax of 60 percent, from 2.5 centers to 4 cents. The reason stated in the question is "to raise revenues for acquisition, preservation, maintenance and improvement of lands for open space, conservation, recreation and farmland preservation and historic reservation." This tax should not be approved until a need is justified.

Help Tax For example, if Slim's Ranch in Gloucester Township were to be developed, the tax penalty would amount to $120,000, according to Chuck Palumbo, the township's tax assessor.

United States Tax Court www.ustaxcourt.gov The U.S. related offenses. This site describes the process the court uses, presents FAQs about what's involved when a case goes to tax court, and gives contact information for court offices and judges. Yahoo! Taxes taxes.yahoo.com The giant search engine's Taxes page includes Tax Tips, a Tax Guide For Investors, Tax Education, and resources that can help users find an accountant or talk with others on the Yahoo! message board.

Ernst Ernst Guide Guide Tax But the Homestead Land Development Co. has already received a $5.9 million offer from Ryan Homes to build houses at the site.

Tax Return Since Homestead paid $1.7 million for the land in 1998, it would make a profit of $4.2 million on the sale.

Return Tax The $120,000 tax penalty would reduce the profit only a little - to just under $4.1 million.

Guide Guide Master Master Tax In New York, farms must be at least 10 acres and produce $ 10,000 in annual revenue to qualify for the lower tax assessment.

Tax Preparation Treasury officials estimate that New York farmers receive a total of $62.5 million in tax break a year.

Preparation Tax In New Jersey, which has much less farmland than New York, property owners get farm tax breaks totaling roughly $250 million.

Employer Tax Guide By Alan Guenther
Courier-Post - 2/17/2002

Topic: Sprawl

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