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 About the Cranford, New Jersey Area
Cranford is a lovely town that is known for its picturesque walking areas. One of the more popular spots to have a calm relaxing walk or jog is along the trail through Nomahegan Park. The beautiful parks in Cranford also offer pleasant bike trails for those who like to peddle. Cranford provides good schools, a local train station, and recreational facilities.
LOCATION
Lying against the border of Westfield, and in the heart of Union County sits the small town of Cranford. With a population of approximately 23,000, Cranford is roughly 5 square miles, which includes beautiful parklands that occupy close to 415 acres. The town of Cranford is a short commute to New York City, and is within five miles of Scotch Plains, Westfield, Elizabeth, and Garwood. Cranford is conveniently located close to the major roadways of I-78, U.S.-9, and U.S.-22, for easy travel.
SPECIAL ATTRACTIONS
Cranford offers quite a few different programs for youth, adults, and teenagers. For the youth of the community, Cranford has a Mad Science Summer Club, Multi-Sport Camp, and Town Tennis. Cranford also has programs for adults that include Yoga, Tennis, and Basketball. In addition to the children's and adult programs, there are activities available for the enjoyment of the teenagers. Cranford has programs and events such as High School Teen Center, Summer Concerts, and a Summer High School Dance. The town of Cranford is truly a family oriented community.
A BRIEF HISTORY
The history of Cranford started a little later than most of the towns in Union County. The reason is that Cranford had no modern means of travel until 1838, when the Elizabethtown and Somerville Railroad finally made Cranford accessible to New York City. In 1871 Cranford was declared a township.
The most important of the many historic buildings in Cranford is the 1740 Williams Droescher Mill. Now owned by a messenger service and being used as an office building, the Williams Droescher Mill is the oldest, constantly operated commercial building in New Jersey.
Since Cranford was developed around the Rahway River, the river is integral to the town. It is now the only place in Union County where you can rent a canoe. The canoe rides are very enjoyable due to the pleasant scenery and the opportunity to see the homes that were built back in the Colonial and Victorian era. The Rahway River is used all year-round. Canoes glide down stream in the summer and in the winter when it freezes the river becomes an ice skaters paradise.
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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 country of the world has the highest percentage of private housing?
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| A |
Mongolia, where 100% of all properties are owner-occupied. |
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