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 Quiet streets, quality schools and plenty of green space
Berkeley Heights was established in 1899 but its real growth began some fifty years later. Builders of the 1950s and 1960s recognized the appeal of its rolling hills and river banks and proceeded to create handsome homes for the growing families of that era. Today, the township retains a balance of unspoiled natural surroundings and family-friendly residential areas. Residents enjoy an inviting shopping district and a wide choice of local restaurants. Recreational programs attract participants of all ages and there is an outstanding school system with a unique K-1 Early Learning Center. There are excellent rail and bus connections to Manhattan. Ranked #59 in NJ Monthly's - Top 100 Places to Live
Fast Facts:
Established: 1899
Population: 13,000
Size: 6.4 square miles
Housing: Colonials, Split-levels, Ranches, Townhomes, Condominiums
Attractions: The Watchung Reservation, Little-Lord Museum and Farmstead  Commuter Information: The Berkeley Heights Train Station is located on the corner Sherman Avenue and Plainfield Avenue (1 block east of Springfield Avenue). This station provides commuter service on the Gladstone Branch only serving Hoboken Terminal, Newark Broad Street Station, and Penn Station in Midtown Manhattan. Service begins at 5:34 AM and ends at 1:34 AM. Holiday and weekend service runs from 6:27 AM to 2:40 AM.
Parking permits for the Berkeley Heights station are available to residents for a yearly cost of $250 and non-residents for a yearly cost of $625. Currently there is a 3 year wait list for residents and at least twice as long a wait for non-residents. Parking lots for the Berkeley Heights Train Station are located on Plainfield Avenue. One is on the corner of Park Avenue and the other one is on the corner of Sherman Avenue. Both of these lots require permits except on the weekends. For more information on parking permits contact the Clerk’s Office (908) 464-2700.
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Tax Considerations >Taxable Profits
If you are thinking of selling your home and your house has risen in value since you purchased it, or you have accumulated a lot of deferred profit from previous sales, the Taxpayer Relief Act passed in 1997 could be of tremendous value.
Prior to this law, when a homeowner moved to a smaller home, relocated to a less costly area, or made a decision to rent, they were left with unfavorable tax consequences. The old tax law allowed people who sold their homes to defer tax on any profit by buying a replacement home of at least equal value within two years. At age 55, they could permanently escape tax on up to $125,000 of profit, but any profit in excess of that amount was taxable unless a new home was bought.
The good news is that with homes sold after May 6, 1997, homeowners can make as much as $500,000 tax-free profits on the sale of a principal residence for joint filers or $250,000 for single filers. The $500,000 capital gains exclusion removed taxes as a consideration for most home sellers by giving them flexibility to trade up or down. It has also allowed homeowners to preserve the savings value of a home when they sell, provided they use the property as their principal residence for two of the prior five years prior to the sale.
Consult your tax advisor for your particular circumstance.
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| Q |
From 1974 to 1996, what was the world's tallest habitable building?
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| A |
The Sears Towers, headquarters for Sears, Roebuck & Co., with 110 stories and 1,454 feet high. |
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