517 S Pennsville Auburn Road, Carneys Point, NJ 08069

$1,900,000
List Price
$1,900,000
Price Change
▼ $100,000 1573349349
Days On Market
460
Status
ACTIVE
MLS#
NJSA129908
Lot Size (Acres)
11.8
County
Salem
School District
Penns Grove-Carneys Point Schools

Property Description

Welcome to the New Jersey Opportunity Zones! This vacant land sits at the base of the NJ Turnpike and easily accessed via I-295. Property is clear and ready to be developed. Public Water/Sewer and natural gas are available.The Opportunity Zones program was enacted as part of the 2017 federal Tax Cuts and Jobs Act and is designed to drive long-term capital investments into low-income rural and urban communities. This federal program provides opportunities for private investors to support investments in distressed communities through participation in Qualified Opportunity Funds. Investors can defer paying federal taxes on capital gains reinvested in Qualified Opportunity Funds that invest in low-income communities, under rules released by the U.S. Department of the Treasury. Reinvested capital gains are deferred from taxation until exit from a Qualified Opportunity Fund or December 31, 2026, whichever comes first. However the original gains reinvested in Qualified Opportunity Fund investments held for the long term are taxed at reduced rates, with taxable gains discounted by 10% at the 5-year mark and by an additional 5% discount at the 7-year mark. Any new gains from Qualified Opportunity Fund investments held for at least 10 years will be permanently excluded from the capital gains tax. Combined with incentives from the State, this program makes doing business in Carneys Point Township the township to choose!

Additional Information

Area
Carneys Point Twp (21702)
Taxes
$39825
School District
Penns Grove-Carneys Point Schools
Water
Public
Sewer
Public Sewer

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Calculator source: Real Geeks

Listing courtesy of Keller Williams Hometown Realty.