New Jersey homeowners and prospective homeowners might want to sit down. The Department of Community Affairs (DCA) just released some eye-opening data on property taxes. Turns out, we coughed up an average of $9,803 last year, which is $300 more than before. Not exactly pocket change. A recent WalletHub survey even crowned the Garden State as the national champions of high property taxes, with a median homeowner now paying $9,345 compared to the national average of $6,563. Yikes!
The DCA report shows an average increase of nearly 3.3 percent in 2023, but hey, at least the total property tax revenue for the state hit a whopping $33.3 billion, which is $1 billion more than the year before. Progress, right? Except, over 90 percent of New Jersey municipalities saw their rates go up, with only 46 in the entire state experiencing a decrease or staying the same.
The current trend indicates that sooner rather than later the majority of #NewJersey homeowners will be paying more than $10,000 in property taxes#NJ is unaffordable and the government is the root causehttps://t.co/KZ2vxAUZbN https://t.co/mXz2yvAprT pic.twitter.com/uHzkZGculz
— ☕ Wαƙҽ Uρ NJ 🇺🇸 (@wakeupnj) February 20, 2024
The most significant increase occurred in Washington Township, which is in Burlington County, specifically in the Pinelands community, where there was nearly a 30 percent surge in property tax bills (yes, we said surge). It’s noteworthy that despite this substantial increase, Washington Township still maintained one of the lowest average tax bills in the state last year, amounting to $3,933, which is considerably lower than most. However, the fact remains that prices are on the rise.
So yeah, the DCA report and WalletHub’s study paint a clear picture: New Jersey’s property taxes are heavy. But here’s the good news: the upcoming budget address on February 27th might bring some relief. Governor Murphy and the Legislature are cooking up initiatives like ANCHOR and StayNJ specifically for property tax relief. But at this point, residents aren’t holding their breath to see if these programs deliver. The real estate market alone in New Jersey over the last couple of years shows no signs of improvement.
The upcoming Fiscal Year 2025 Budget Address in New Jersey, scheduled for next week, gains significance against this backdrop, focusing on property tax relief. As such, efforts to alleviate property tax burdens remain a focal point for the Legislature and Gov. Phil Murphy, with residents eagerly awaiting further developments. Until next time.
About the Author/s
The New Jersey Digest is a new jersey magazine that has chronicled daily life in the Garden State for over 10 years.
1 comment
Bike paths. NJ is limited on transportation. Cars the only way to get places. We need bike paths. Light rail. Please help. There should be funds for transportation. Light rails.