New Report Shows Impact Of Property Taxes On New Jersey Families
Today, the Asbury Park Press published a deep-dive report looking at just how much of a burden our state's highest-in-the-nation property taxes places on hardworking New Jerseyans.
The report compares property tax bills to income, and reveals that many New Jerseyans are currently forced to pay in excess of 5% of household income towards their property taxes.
"Even if you made New Jersey's median household income of $72,093, the average residential property tax bill for 2016 would have cost you nearly 12 percent of your income. For actual homeowners, the percent of income going toward property taxes hovers around 8.5 percent." (Asbury Park Press, 6/8/2017)
This report is further proof that Kim Guadagno's plan to deliver property tax relief by imposing a 'circuit breaker' is the right approach to delivering meaningful relief to New Jerseyans thinking of moving out of state because they can't afford to pay such high property tax bills. Her plan ties school taxes – the largest portion of a homeowner's tax bill – to 5% household income, delivering real relief to taxpayers up to $3,000 annually.
Guadagno's approach brings certainty to New Jerseyans that they would be able to afford to live here, while Phil Murphy suggests that the way to solve New Jersey's property tax crisis is for homeowners to simply make more money to "make property taxes less of a burden."
On Tuesday, Kim Guadagno pledged to New Jerseyans that she would lower property taxes in her first term or not run for re-election. But with Phil Murphy's promise to increase taxes on New Jerseyans, the only thing that is certain with Phil Murphy as governor is that more families will have to leave New Jersey because they can't afford to live here anymore.
You can read the report here:
Can you afford your New Jersey property taxes? Eye On Your Taxes compares your bill to what you make
By Susanne Cervenka
Asbury Park Press
Let's just agree right now this is the silliest question Eye on Your Taxes will ask you: Can you afford New Jersey's property taxes?
New Jersey tops every list that ranks property tax bills nationwide. Heck, the entire reason we started this weekly review of government spending is because readers tell us all of the time they can't afford the mounting bill, which you can see in the video at the top of the story.
But since Republican gubernatorial candidate and current Lt. Gov. Kim Guadagno threw down the property tax gauntlet, by pledging she won't run for re-election if she doesn't bring down property taxes, we're taking a closer look at the burden property taxes put on homeowners...