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The state is 40 billion in the hole as things currently stand and the money has to come from somewhere.
Who is to say this wont happen again? Will property prices free fall and NJ have low housing prices, but high property taxes which end up becoming the determining factor of who can afford to live in each town?
why do you sound like it's Martians invaded NJ and forced us to pay that much at gun point??!! IT IS US who elect those corrupt politicians year after year to raise our property taxes, Moderator cut: language
The state is 40 billion in the hole as things currently stand and the money has to come from somewhere.
Who is to say this wont happen again? Will property prices free fall and NJ have low housing prices, but high property taxes which end up becoming the determining factor of who can afford to live in each town?
Why ask "what if" ? This is the state with the highest property taxes of all 50 states......why not just expect it ?
As it stands now, local tax rates (municipal and school board) can be hiked a maximum of 4 percent per year. Some towns don't raise taxes any year, but with contractual obligations to give teachers raises each year at or just below the cap, it's reasonable to assume that generally most towns will be somewhere near this level.
So, let's say there's a 3.5 percent tax hike each year all things considered. It's under cap and essentially where most locales stand right now going into the next fiscal year (my town is seeing a 3.75 percent increase). In ten years, that's a 35 percent higher tax rate. So, if the average tax bill in NJ is $7,500, it's reasonable to assume that in 10 years it could be somewhere near $10,125.
As it stands now, local tax rates (municipal and school board) can be hiked a maximum of 4 percent per year. Some towns don't raise taxes any year, but with contractual obligations to give teachers raises each year at or just below the cap, it's reasonable to assume that generally most towns will be somewhere near this level.
So, let's say there's a 3.5 percent tax hike each year all things considered. It's under cap and essentially where most locales stand right now going into the next fiscal year (my town is seeing a 3.75 percent increase). In ten years, that's a 35 percent higher tax rate. So, if the average tax bill in NJ is $7,500, it's reasonable to assume that in 10 years it could be somewhere near $10,125.
The 4% hike max on taxes is simply not true.
Quote:
There were 384 towns in which average bills rose 4 percent or less, up from 266 in 2008. But 181 towns had increases higher than 4 percen
The state can give a waiver to anyone that they deem fit to receive one. If about 1/3 of the towns are recieving this waiver in these terrible economic times, i would suspect it will be much higher in the good times
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