HIGHEST PROPERTY TAX SOARS HIGHER
March 1, 2007
The average property tax bill in New Jersey topped $6,300 last year, a 7 percent hike over what were already the nation's highest property taxes, new state figures show.
According to state officials:
- The average bill rose from $5,914 in 2005 to $6,331 last year, according to numbers compiled by the state Department of Community Affairs.
- The previous year, the state's property taxes -- used to fund most county, municipal and school operations -- increased by 7.3 percent.
- In all, $20.9 billion in property taxes were collected in 2006 in New Jersey, where property taxes are twice the national average.
Meanwhile, the state released details Wednesday of a 2 percent municipal aid increase in Gov. John Corzine's proposed state budget for next year -- money meant to provide property tax relief. It would be the first aid increase for New Jersey cities and towns in five years.
The proposed budget also includes a $2.3 billion plan to cut property taxes by 20 percent for most homeowners. It is based on a bill recently passed by lawmakers but yet to be signed by Gov. Corzine that would provide an average $1,051 tax cut for homeowners.
Source: Tom Hester Jr., "Highest Property Tax Bills Soar Higher," Forbes, March 1, 2007.
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