Because of a state law written to benefit farmers, a goat herd is helping President Donald Trump pay thousands of dollars less in property taxes on his New Jersey properties.
Estimates suggest that Trump pays fewer than $1,000 in property taxes a year on land that would typically require roughly $80,000 in taxes.
President Donald Trump is able to pay tens of thousands of dollars less in property taxes on his New Jersey golf courses because of a goat herd, according to The Wall Street Journal.
Public records show that Trump has been able to save thousands of dollars in property taxes on his two properties in Bedminster and Colts Neck, New Jersey. Because of his goat herd, as well as hay farming and wood cutting on his properties, New Jersey law permits Trump to receive a farmland tax break.
Therefore, Trump pays reduced property taxes on the parts of his golf courses dedicated to farming.
RELATED: Donald Trump's golf outings through the years
Donald Trump's golf outings through the years
Donald Trump's golf outings through the years
U.S. property mogul Donald Trump holds a golf club during a media event on the sand dunes of the Menie estate, the site for Trump's proposed golf resort, near Aberdeen, north east Scotland May 27, 2010. REUTERS/David Moir (BRITAIN POLITICS - Tags: SPORT GOLF BUSINESS)
Businessman and television personality Donald Trump (2nd L in red hat) and Carolyn Kepcher (2nd R), executive vice president of the Trump Organization, watch the first round of the 105th U.S. Open golf tournament in Pinehurst, North Carolina, June 16, 2005. The tournament is being played on the famed Pinehurst No. 2 course. REUTERS/John Sommers II RTW/KS
Donald Trump (L) and professional golfer Natalie Gulbis look down the fairway at the Manhattan Golf Classic on Governors' Island in New York October 22, 2006. REUTERS/Jeff Zelevansky (UNITED STATES)
Donald Trump tosses a golf ball to his caddy after hitting a shot into the rough in a skins match at the Manhattan Golf Classic on Governors' Island in New York October 22, 2006. REUTERS/Jeff Zelevansky (UNITED STATES)
Donald Trump (R) drives his golf cart along the ninth fairway while he watches the final group of the day with an unidentified partner during the first round of the ADT Championship LPGA golf tournament at the Trump International course in West Palm Beach, Florida November 15, 2007. REUTERS/Hans Deryk (UNITED STATES)
U.S. property mogul Donald Trump poses next to bagpipers during a media event on the sand dunes of the Menie estate, the site for Trump's proposed golf resort, near Aberdeen, north east Scotland May 27, 2010. REUTERS/David Moir (BRITAIN POLITICS - Tags: SPORT GOLF BUSINESS)
Real Estate magnate Donald Trump (R) plays golf with Scotland's Colin Montgomerie during the opening of his Trump International Golf Links golf course near Aberdeen, northeast Scotland July 10, 2012. REUTERS/David Moir (BRITAIN - Tags: BUSINESS SPORT GOLF REAL ESTATE)
Golf - RICOH Women's British Open 2015 - Trump Turnberry Resort, Scotland - 30/7/15
US Presidential Candidate Donald Trump views the course during a visit to his Scottish golf course Turnberry
Action Images via Reuters / Russell Cheyne
U.S. property magnate Donald Trump practices his swing at the 13th tee of his new Trump International Golf Links course on the Menie Estate near Aberdeen, Scotland, Britain June 20, 2011. To match Special Report USA-ELECTION/TRUMP-GOLF REUTERS/David Moir/File Photo
HARRISON, NY - JUNE 9: Donald Trump hits a shot during the pro-am prior to the start of the Buick Classic at the Westchester Country Club on June 9, 2004 in Harrison, New York. (Photo by Scott Halleran/Getty Images)
UNITED STATES - JUNE 09: Donald Trump putts on the ninth hole in the pro-amateur Buick Classic at the Westchester Country Club in Harrison, N.Y. (Photo by Howard Earl Simmons/NY Daily News Archive via Getty Images)
PEBBLE BEACH, CA - FEBRUARY 7: Tycoon Donald Trump hits out of the second fairway during the second round of the AT&T Pebble Beach National Pro-Am on February 7, 2003 at Pebble Beach Golf Links in Pebble Beach, California. (Photo by Matthew Stockman/Getty Images)
UNITED STATES - JULY 27: Real-estate mogul Donald Trump (right) and director Ron Howard ride golf cart during the opening celebration for Trump's latest venture, the Trump National Golf Club in Briarcliff Manor, N.Y. (Photo by Richard Corkery/NY Daily News Archive via Getty Images)
092226.FI.0113.trump.1.LS. Real estate mogul Donald Trump is set to break ground on a luxury housing project at his golf course on the Palos Verdes Peninsula. (Photo by Luis Sinco/Los Angeles Times via Getty Images)
American businessman Donald Trump eyes his shot off the tee during the ground-breaking ceremony for the Trump International Golf Club, Palm Beach, Florida, 1997. (Photo by Davidoff Studios/Getty Images)
American football player Tom Brady (fore) tees off, watched by real estate developer Donald Trump (in red cap), on the course at Trump International Golf Club, Palm Beach, Florida, January 22, 2006. (Photo by Davidoff Studios/Getty Images)
View of American football player Tom Brady (seated left) and real estate developer Donald Trump in a golf cart at Trump International Golf Club, Palm Beach, Florida, January 22, 2006. (Photo by Davidoff Studios/Getty Images)
Developer Donald Trump poses next to a green side bunker on hole 11 at his new golf course, Trump National Golf Club in Rancho Palos Verdes, on Friday morning. Digital image taken on 01/14/05 (Photo by Mel Melcon/Los Angeles Times via Getty Images)
Donald Trump (Photo by Mirek Towski/FilmMagic for Laura Davidson Public Relations)
U.S. President Donald Trump arrives to play host to members of the U.S. Coast Guard he invited to play golf at his Trump International Golf Club in West Palm Beach, Florida, U.S., December 29, 2017. REUTERS/Jonathan Ernst
Discover More Like This
BACK TO SLIDE
Trump National Golf Club in Bedminster maintains 113 acres of hay farming and eight goats, and his property in Colts Neck has 40 acres of hay production and trees, according to tax-break applications WSJ reviewed in 2016 during the presidential campaign.
Estimates suggest that Trump pays less than $1,000 in property taxes a year on his two properties that would typically require one to pay roughly $80,000 in taxes per year, according to The Journal.
The farmland assessment program that Trump is benefitting from was added to New Jersey's constitution in 1963 to prevent overdevelopment in the already-crowded Garden State.
Trump's New Jersey properties, both of which are located in wealthy areas of the state known for their horse farms, were last approved by local tax assessors for farmland assessments in 2015, according to the report.
His qualification under the New Jersey farmland assessment program is not the first time that Trump has received a tax break for one of his properties. Trump famously received massive tax breaks from New York City on some of his most notable real estate projects, including Trump Tower and The Grand Hyatt.
The president is spending his "working vacation" at Bedminster this week.
Working hard all year to help your company meet its annual goals deserves a reward, and you've definitely earned that bonus. But bonuses count toward your income for the year, so they're subject to income taxes. Read on to learn how much tax you can expect to pay on your bonus—and for tips on reducing your tax liability.
With all of the buzz about the new Tax Reform many taxpayers are questioning how this will affect their 2018 tax return. These provisions kicked in on January 1, 2018, which means that they will impact your 2018 tax return.
Congress has passed the largest piece of tax reform legislation in more than three decades. The bill went into place on January 1, 2018, which means that it will affect the taxes of most taxpayers for the 2018 tax year.