Report: Net Property Taxes Up 20 Percent Under Christie
NJ Spotlight: Rebate cuts mean average household pays $1,275 more
Property taxes are eating up a larger share of family income under Gov. Chris Christie than under previous governors, primarily due to a sharp reduction in direct property tax relief over the past two years, according to a report in NJ Spotlight.
In fact, net property taxes are 20 percent higher under Christie than they were when Democrat Jon Corzine left office two years ago.
With property tax credits and rebates included, the average New Jersey homeowner paid $7,519 in net property taxes last year -- compared with $6,244 in 2009 -- according to statistics released by the state Department of Community Affairs on Friday.
That $1,275 increase represents a 20.4 percent hike in net property taxes -- which is the amount of money that the average New Jersey household actually pays in property taxes after property tax rebates or property tax credits are subtracted.
While Christie has been touting his success in holding overall property tax increases to 2.4 percent, the bigger issue is the cut in direct property tax relief.
Under Christie, the average New Jersey household is spending well over 11 percent of its income on property taxes -- compared with between 8 percent and 9.25 percent under the five previous governors and a national average of less than 3 percent.
The debate over whether New Jersey should cut property taxes or income taxes promises to dominate this spring’s annual state budget battle, beginning with a Senate Budget Committee hearing on Monday. David Rosen, budget officer for the nonpartisan Office of Legislative Services, is scheduled to testify about the impact of Christie’s plan to cut state income taxes by 10 percent across the board over the next three years.
Continue reading this article by Mark J. Magyar, editor-at-large at NJ Spotlight at Net Property Taxes Up 20 Percent Under Christie
NJ Spotlight is an online news service providing insight and information on issues critical to New Jersey, with the aim of informing and engaging the state’s communities and businesses. It is nonpartisan, independent, policy-centered and community-minded.