Saddle River’s Secret is Revealed – LOW TAXES

One way to beat the SALT deduction cap in New Jersey is to move into a town with low property taxes like Saddle River, according to CNBC.

A new cap on the deduction for state and local taxes has made New Jersey residents more aware of low property taxes. With a cap of $10,000 for deductions for state/local taxes, every dollar counts in tax savings. One solution is Saddle River, according to this article in CNBC.

This tony town counts numerous celebrities and business executives as residents who know the secret of the town: minimum two-acre zoning with the lowest taxes in the county and the state. The average residential property value in Saddle River is $1.7 million but the average property taxes per home is only $17,160. That is lower in comparison to property tax ratios of most surrounding towns.

Compare to nearby Upper Saddle River, whose home values are averaging at $773,889 (almost $1 million less than Saddle River) but their average home taxes are higher at $18,119.

Saddle River’s municipal tax rate has gone down six years in a row, according to Dr. Al Kurpis, mayor of Saddle River and a dentist at Kurpis Center for Advanced Dentistry in nearby Ridgewood.

Even still, residents have access to a top-quality police force and public schools, according to Kurpis. The borough, which has money to spare in its surplus account, has no plans to raise taxes.

“Maintaining a low tax rate is in our best interest to attract people to our community,” Kurpis said. “But even if they went up a little bit, we’re still lower than anyone else.”

To learn more about Saddle River’s secret, read the article from CNBC.