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Average NJ Property tax last year was $7,281, an increase of 72% since 1999, when it was $4,239. I wonder where most of that goes. Oh and tax the rich concept? The NJEA may want to study on on the elasticity of taxable income (ETI). A study by MIT economist Jon Gruber and Mr. Saez showed that for incomes above $350,000, they estimated the ETI at 0.62. And for incomes above $500,000, US Treasury economist Bradley Heim estimated the ETI at 1.2 -- which means higher tax rates on the super-rich yield less revenue than lower tax rates. What happens is that the more you tax people, the less they make. Two income families chose one income, workers max out 401Ks, etc.