What! New Jersey Property Taxes Are Going Up Even Further? 💸

We always hear about how high our property taxes are here in the Garden State. According to CNBC, "New Jersey's average effective tax rate is 2.23%, the highest in all 50 states and the District of Columbia, according to Tax Foundation's analysis of the Census Bureau's most recent." Well, that's pretty definitive, we have the highest and that's including D.C.

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We are talking about property taxes going up in New Jersey and the possibility of many towns seeing property taxes over the $10,000 mark on average per year. According to NJ.com, some counties have towns already above the 10K mark including "Bergen, Essex, Hunterdon, Monmouth, Morris, Passaic, Somerset, and Union." So what is next for New Jersey homeowners?

Here are some examples. Cumberland County has the lowest property taxes on average ($4,840). Union and Bergen County have hit $12,000 a year on average and Essex County takes the trophy with an average property tax of $13,448. According to app.com "The towns with the highest average property tax bills in New Jersey are predominantly in Bergen and Essex counties, through three municipalities at the Jersey Shore also made the top 14: Rumson, Deal and Mantoloking."

So according to NJ.com the average Jersey homeowner is paying roughly $9,800 in property taxes and a 3% increase ($313) is looming so average property tax bills would top the 10K mark possibly in 2024. The new property tax average increase is the "highest year-to-year since Gov. Phil Murphy took office in 2018." Are you on pace to break the 10K mark?