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 Winding lanes, historic estates and two downtowns
Millburn Township is composed of two outstanding areas: Short Hills and Millburn. Developed by inventor and horticulturist Stewart Hartshorn, both communities are rich in historic charm and natural beauty. The bustling downtown draws visitors from all over the adjacent area to its fine boutiques, gourmet restaurants and cinema. Just minutes away is The Mall at Short Hills, a premier shopping destination. One of the nation’s leading regional theaters, The Paper Mill Playhouse, makes its home in Millburn. The township’s top public school system enjoys a long tradition of excellence and superior performance. Rail connections to Manhattan provide easy commuting. Ranked #53 in NJ Monthly's - Top 100 Places to Live
Fast Facts:
Established: 1857
Population: 20,000
Size: 10 square miles
Housing: Historic Estates, Colonials, Tudors, Contemporaries
Attractions: The Mall at Short Hills, The Paper Mill Playhouse, Cora Hartshorn Arboretum and Bird Sanctuary, Par 3 Municipal Golf Course  Commuter Information : The Short Hills Train Station is located in between Hobart Avenue and Chatham Road. Both the Morristown Line and the Gladstone Branch service this station, with service to Hoboken Terminal and The Midtown Direct to New York City. There are 63 outbound trains and 58 inbound trains that stop at this station every weekday. Service begins at 5:00 AM and ends at 2:24 AM. Weekend and holiday service has 39 outbound trains and 39 inbound trains that run from 5:31 AM to 2:20 AM.
Parking permits cost $300 per year and are available for residents of Millburn/Short Hills only. There is currently no wait list and permits may be obtained from the Tax Collector’s Office (973) 564-7084. Residents must supply vehicle registration with a Millburn/Short Hills address. If the car is leased, registration and insurance card are required. Permitted parking is available on the eastbound side and next to the Untied States Post Office on Chatham Road. Parking is not permitted on the westbound side. Limited standing is permitted for passenger pickup and drop-off. Permits can also be used for parking at the Millburn Train Station.
The Millburn Train Station is located at the intersection of Essex Avenue and Lackawanna Place. This station receives local and express trains from both the Morristown Line and the Gladstone Branch, with service to Hoboken Terminal and The Midtown Direct to New York City. There are 63 outbound trains and 58 inbound trains that stop at this station every weekday. Service begins at 5:02 AM and ends at 2:22 AM. Weekend and holiday service has 39 outbound trains and 39 inbound trains that run from 5:34 AM to 2:17 AM.
Parking permits cost $300 per year and are available for residents of Millburn/Short Hills only. There is currently no wait list and permits may be obtained from the Tax Collector’s Office (973) 564-7084. Residents must supply vehicle registration with a Millburn/Short Hills address. If the car is leased, registration and insurance card are required. Permitted parking is available at a large parking lot on the westbound side, and also at a lot adjacent to the parking lot of the Millburn Public Library on the far side of Lackawanna Place. Permits can also be used for parking at the Short Hills Train Station.
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First Time Buyers >Your Principal Residence
The Federal Tax Code allows married taxpayers to exclude from capital gains taxes up to $500,000 in profits from selling a home (singles can exclude $250,000). In order to qualify for this exemption, you must prove that that the home has been your principal residence for at least two out of the last five years. The establishment of the home as a principal residence depends on the facts of each homeowner's circumstance. Here are two cases to consider.
Homeowner A has lived at 25 Pine Drive for 12 years. Although he stays at his vacation cottage in another town for up to three months out of each year (sometimes more), 25 Pine Drive is his principal residence, where he lives most of the time. When he sells the home, Homeowner A (filing as a single individual) can keep up to $250,000 in tax-free profit.
Homeowner B buys 108 Maple Street, intending to live there. He rents it out while waiting to sell his current home, where he has lived for six years. His principal residence sells at the end of two years. Homeowner B moves into his new house, lives there for three months, and then decides to travel. After a six-month trip, he regrets buying 108 Maple Street and sells it. Even though he has owned the house on Maple Street for over two years, it won't qualify as "owner-occupied", because he only lived in it for a few months. Thus Homeowner B is not eligible to claim the tax exemption when he sells the house on Maple Street.
Consult your tax advisor for advice about your particular circumstance.
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| Q |
What has a tremendous impact on the U.S. economy, comprising between $10-$15 trillion of the nation's wealth?
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| A |
Real Estate--it goes through cycles, but still has a long-term record of strong investment return. |
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