Property Tax

[Anthony]

On Sun, Apr 13, 2008 at 6:42 AM, Mike or Penny Novack
<stepbystepfarm at mtdata.com> wrote:
>  Sorry Youssef, that's the sort of question you really have to ask your
>  tax accountant. How you have to handle this most definitely depends upon
>  how you file your taxes.
>
>  Although perhaps confusing for your own records, seeing what your state
>  and federal income tax actually were, if you itemize that state income
>  tax refund will be an INCOME item on the following year's (federal)
>  taxes but the federal will not. You COULD have used the federal as a
>  credit toward next year's taxes so it makes sense.
>
>  The refund of property tax PROBABLY should go against this next year's
>  property tax expense. But you really do need to get the opinion of
>  somebody qualified to give you one.
>
In case you want to do it yourself,
http://njintouch.state.nj.us/treasury/taxation/pdf/irsnewsrelease.pdf
should answer your questions about taxability.