Friday, February 6, 2015

Can you imagine what life would be like without Prop. 13? In New Jersey the average property tax bill is $8,161.

Property taxes in this state are outrageous and they just went up again - MPA

Already the highest in the nation, residential property taxes in New Jersey saw the biggest growth in three years during 2014, and the continued high cost of living is starting to drive residents out.

According to data from the state’s Department of Community Affairs, residential property taxes increased 2.2% in 2014 to an average of $8,161. The disparity between New Jersey’s property taxes and the rest of America is astounding.

The Tax Policy Center, a non-partisan, joint venture of the Urban Institute and the Brookings Institution reported 79% of American homeowners paid less than $1,750 in property taxes annually. Only 3% paid more than $4,000 and a miniscule share of homeowners — just 0.2% — pay more than $8,000.