N.J. property taxes rise again in 2011: Are Christie's reforms working? | Economy | NewJerseyNewsroom.com -- Your State. Your News.


Jul 04th
  • Login
  • Create an account
  • Search
  • Local Business Deals

N.J. property taxes rise again in 2011: Are Christie's reforms working?

NJDollars030911_optBY ADELE SAMMARCO

It is no secret the Garden State hosts the highest property taxes in the entire nation, but just when you thought there may be a light at the end of the tunnel in this ever-lagging recession, one thing does remain a constant; property taxes are yet again, on the rise.

In 11 years, the average New Jersey homeowner has seen their property taxes increase by 66 percent, when they averaged paying about $4,661 a year, according to the latest data released by the state Department of Community Affairs.

On average, New Jersey's property taxes climbed 2.4 percent to a high of $7,759 in 2011.

The hike follows a 4.1 percent spike in real estate taxes in 2010, the major funding source for New Jersey’s schools and local governments.

After property-tax rebates and credits, the average bill was $7,519 in 2011, up 20 percent from 2009, the data shows.

To help pull in the reigns on rising property taxes, Governor Christie scaled back property-tax rebates in his first budget since taking office by enacting a 2 percent cap on the levies that took effect at the beginning of 2011.

Christie's initiative reduced the 4 percent limit enacted by his predecessor, Democrat Jon Corzine, and cut the number of exemptions to 4 from 14.

Under Corzine’s leadership, towns sought cap waivers from the state's Local Finance Board. Christie's measure required a voter referendum and according to Bloomberg, last April, 14 of 566 communities asked voters to exceed the cap and only two increases were approved.

There is some good news. Last year’s 2.4 percent increase was the smallest in at least a decade.

However, property taxes continued to increase by about 7 percent annually in 2004, 2005 and 2006 before the rate began to slow.

During his recent State of the State address, Christie proposed an across-the-board 10 percent income-tax cut, but Democratic lawmakers say his plan only benefits wealthy New Jersey residents.

Comments (3)
3 Thursday, 21 June 2012 09:06
Had Enough Already
Get rid of the NJEA and you as a NJ property taxpayer will see your tax go down significantly.
2 Wednesday, 08 February 2012 13:12
Why did Christie abolish the public advocate group and not follow it up by insuring agencies such as the Division of Taxation and Treasury departments would govern themselves by treating tax payers fairly. Pay very close attention to all of the property tax revaluations taking place in NJ, the Divsion of taxation is paying no attention to NJ Admin Code Title 18 Chapter 12 and Christie's office just doesn't care. This can result in your town making serious tax evaluation errors and attempting to jack up your taxes and then putting the burden and cost of appeal on the innocent taxpayer. This is my direct experience, this is not speculation.
1 Tuesday, 31 January 2012 15:55
working poor
We may have the highest property taxes, but when you calculate our total average tax burden as a funtion of income per capita, we are hardly the most taxed.

Add your comment

Your name:

Follow/join us

Twitter: njnewsroom Linked In Group: 2483509