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Category: Market Commentary Tags: , ,

For yet another year, residents of New Jersey have been subject to among the highest property taxes in the nation. Data compiled by the NJ Department of County Affairs shows that property owners paid an average of $8,549 in property taxes for 2016, representing a 2.35% increase from the previous year. Furthermore, the Tax Foundation has identified New Jersey as the state with the highest mean effective property tax rate for both 2014 and 2015, with respective rates of 2.11% and 2.38%. In comparison, Hawaii, the state with the lowest rates, had a rate of 0.28% in both 2014 and 2015.

Why are New Jersey’s property taxes so high? Well, the answer is actually quite complex. Fortunately, NJ Advance Media reporter Susan K. Livio has provided some great insight by describing seven reasons why New Jersey property taxes are some of the highest in the United States.

A few explanations provided in the article are the state’s dense population, generally expensive cost of living, and public education costs. While these are by no means the only factors resulting in high property taxes, this article offers further explanation of these and other reasons that help to provide greater context on the overall situation.

Please click here to read the full article over at NJ.com


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