Korean Job Discussion Forums

[madoka]

Bon Jovi and Bruce Springsteen have been making hit music for years and its no surprise that they've earned enough money to buy big mansions with acres of property, but what might surprise you is the huge tax breaks they, and others, are getting.

It turns out, as far as New Jersey tax collectors are concerned, that they are farmers.

Almost a million acres in New Jersey are certified as farmland. Owners who own at least five acres, practice some kind of agriculture, or manage the trees on their property and sell $500 worth of goods a year qualify for a significant tax break.

They do have to pay the full taxes on their homes, and non-farm property.

Through a trust, Bruce Springsteen owns more than 200 acres in Colts Neck. the taxes for his house and three acres are more than $138,000. But because of the farm tax break, the tax bill on a little more than 200 additional acres is less than $5,000. Town officials say he has horses and an organic farmer working some of the land. A lawyer for the trust had no comment.

In another part of Monmouth County, Bon Jovi has and estate on the Navesink River. Taxes on the mansion and some property add up to $295,68 but his tax bill on an additional 6.85 aces is $104 because he raises honeybees.

A spokesman for Bon Jovi issued a statement saying, "Jon is scrupulous about paying his fair share of taxes. The exemption for raising honey bees existed long before he purchased that land, and he continues to employ a beekeeper and raise honeybees..."

Max Weinberg, E-Street Band drummer, and former band leader on Late Night With Conan O'Brien owns 36 heavily wooded acres near Bon Jovi. Taxes on his home and two acres are $49,068. But the tax bill for the additional 34 acres is $122 because he sells wood.

Read the rest here:

http://www.myfoxny.com/dpp/news/investigative/farm-tax-breaks-for-nj-celebrities-20110209

[CtotheB]

The rich stay rich.

[Kuros]

What's the problem here?

New Jersey wants to preserve the farmland rather than give it all over to residential/commercial/industrial uses. Hence the property tax breaks.

[madoka]

[Underwaterbob]

I'm more astonished at a washed-up Bon Jovi making $125 million last year.

To New Jersey: Real farmers don't make $125 million in a year!

[madoka]

[Kuros]

[TECO]

[PeteMoses]

First off, that's property tax and not income tax. I don't think that a tax break for responsible use of land is anything to complain about.

Also, I think Bruce has a stables at his farm, his daughter is a professional event rider.

And I think that cost of that land far outweighs any income they receive off it for selling firewood or raising horses. I'd say it's a pretty responisble way of using their capital.

[ZIFA]

Communism is way better.