New Jersey's Highest-in-the-US Property Taxes Are Rising Again

Fintastique | Dreamstime.com

Friday, 23 February 2018 04:49 PM EST ET

Residents of New Jersey, the state with the nation’s highest property taxes, paid a record average of $8,690 in 2017, state data show. 

That marks a 1.6 percent increase, according to figures released by the community affairs department.

The statewide rise is down from 2.3 percent a year earlier and was restrained by Atlantic City, which overhauled property taxes for casinos as part of a plan to arrest a financial crisis.

School costs drove more than half the 2017 increase, while county costs were the second biggest driver.

Former Republican Governor Chris Christie in his first term enacted a 2 percent cap on annual property-tax increases, excluding coverage for debt payments and other liabilities.

Phil Murphy, the Democrat who replaced him on Jan. 16, hasn’t supported renewing a limit on interest arbitration awards to police and firefighters, a Christie initiative that’s been credited with saving taxpayers almost $3 billion.

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Economy
Residents of New Jersey, the state with the nation's highest property taxes, paid a record average of $8,690 in 2017, state data show.
new jersey, property, taxes, schools, christie
149
2018-49-23
Friday, 23 February 2018 04:49 PM
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