New Jersey, known as the Garden State, has once again earned a dubious distinction – it boasts the highest property tax rates in the entire United States, including the District of Columbia.
This revelation comes from a recent report by WalletHub, shedding light on the financial burdens faced by residents in the state.
NJ Residents Face Sky-High Property Tax Burden
According to data released by the New Jersey Department of Community Affairs, the average annual property tax bill in 2023 reached a staggering $9,141.
However, some municipalities within the state surpass even this considerable figure, with affluent areas bearing the brunt of exorbitant property tax bills.
Topping the list of New Jersey towns with the highest average property tax bills are Millburn in Essex County, where homeowners face an average annual bill of $24,947.
Following closely are Tenafly in Bergen County ($23,031), Mantoloking in Ocean County ($23,021), Rumson in Monmouth County ($22,544), and Deal, also in Monmouth County, with an average annual bill of $21,741. These figures paint a stark picture of the financial strain endured by residents in these areas.
Conversely, some municipalities in New Jersey offer relief in the form of comparatively lower property tax bills. Camden in Camden County emerges as the town with the lowest average property tax bill among municipalities with a population greater than 5,000, standing at $1,994 annually.
Trenton in Mercer County follows with $3,523, while Salem in Salem County, Bridgeton in Cumberland County, and Washington in Burlington County also feature among the towns with the lowest property tax bills.
Delving deeper into county-level data, Monmouth County stands out for its relatively lower average property tax rate of $1.60 per $100 of property value, ranking second only to Cape May County. However, despite this comparatively lower rate, the average annual property tax bill in Monmouth County amounted to $10,590 in 2023, reflecting the influence of property values on tax burdens.
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Navigating the Complexities of Property Taxation in New Jersey
In various municipalities across Monmouth County, property tax rates and average annual bills vary significantly.
For instance, Asbury Park boasts a tax rate of $1.55 per $100 of home value, with an average annual bill of $8,072, while Deal stands at an unusually low rate of $0.46 per $100 of home value, resulting in a much higher average annual bill of $21,741 for residents.
As homeowners grapple with the weight of property tax obligations, the disparities in tax rates and bills underscore the complex landscape of taxation within New Jersey.
While some communities enjoy relative affordability, others face substantial financial burdens, highlighting the ongoing challenges in achieving equitable taxation across the state.
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