Average Property taxes paid
Upper Saddle River $17,112.00
Saddle River $16,670.00
Franklin Lks $16,635.00
Old Tappan $15,765.00
Glen Rock $15,157.00
Woodcliff lake $15,139.00
Midland Park $11,020.00
Washington Twp 10,157.00
Fair Lawn $10,012.00
file photo by Boyd Loving
EXCLUSIVE: Property taxes up $537 million
HOLD ONTO YOUR WALLETS: PROPERTY TAXES IN NEW JERSEY INCREASED BY THEIR FASTEST RATE IN FOUR YEARS IN 2015.
Hold onto your wallets: Property taxes in New Jersey increased by their fastest rate in four years in 2015, with landowners shelling out an extra $537 million.
The hike pushed the average local tax bill to $8,354 for homeowners, up $193 from the prior year, according to data compiled exclusively by the Asbury Park Press. That’s an increase of 2.4 percent, despite a supposed 2 percent cap enacted in 2010.
The jump marks the second straight year New Jersey’s property tax hike has gotten bigger, after three years of slowing growth in Gov. Chris Christie’s first term. Monmouth and Ocean counties fared worse most of the state with tax boosts of 2.6 percent and 3.3 percent, respectively.
The trend undercuts one of Christie’s selling points as he touts his gubernatorial record on the GOP presidential campaign trail. On his campaign website, Christie says property taxes are rising at their slowest pace “in more than two decades.” Growth has grown since dipping to 1.3 percent in 2013.
The new accounting tells a costly different story — in a state where homeowners already pay the highest-in-the-nation property taxes. That burden helped drive nearly 14,000 to sign an Asbury Park Press petition urging elected officials to cut property taxes. The petition came in tandem with Asbury Park Press’s investigation of the tax crisis last fall.
Stay or leave?
Adrienne DiPietro’s property taxes have tripled in the 20 years she has lived in Eatontown. She remains optimistic elected officials will do something about the problem but says “I’m not holding my breath.” She is considering whether she and her husband, Paul, will stay in New Jersey. Both are retirees.
“All of our retirement income, we have to start thinking about this in the next five years or so: Do we want to stay here and keep coughing up that much taxes?” DiPietro said. “Do we want to stay here, because the taxes are only going up and up?”