Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Is there a law in NJ that limits the annual increase in real estate taxes? For example in MA taxes are assessed by the town (we have town government, not county) and is limited to 2.5% over the previous year unless of course you built an addition that increased the assessed value of your home. I know taxes are increasing all over the Northeast, but the rate at which it's increasing in NJ seems insane!
Is there a law in NJ that limits the annual increase in real estate taxes? For example in MA taxes are assessed by the town (we have town government, not county) and is limited to 2.5% over the previous year unless of course you built an addition that increased the assessed value of your home. I know taxes are increasing all over the Northeast, but the rate at which it's increasing in NJ seems insane!
There is a 2% max increase, but there are some exceptions that the legislature forced into the bill in order to pass it. Even with the exceptions, my property taxes have increased much more slowly than before the bill was passed.
The only way to resolve the prop tax issue is to Merge Municipalities (employees) and a local PERS reform. Both of these aspects are draining the municipal budget's. If these property taxes keep increasing drastically residents will simply move out.
property taxes are sky rocketing, this place is ridiculous - more government, more taxes...just absolutely awful...they are raping the middle class, tax hikes have exceeded the 2.5% cap. This town is a future pensioner's dream.
There is a 2% max increase, but there are some exceptions that the legislature forced into the bill in order to pass it. Even with the exceptions, my property taxes have increased much more slowly than before the bill was passed.
The 2% max increase only applies to the *municipal* portion of your tax bill. Your school taxes and county taxes are not capped. And in NJ it's the school taxes that make up the bulk your tax bill. In my town the school taxes are around 60% of the total tax bill. Bottom line, your total tax bill in any given year can easily soar above a 2% increase.
The 2% max increase only applies to the *municipal* portion of your tax bill. Your school taxes and county taxes are not capped. And in NJ it's the school taxes that make up the bulk your tax bill. In my town the school taxes are around 60% of the total tax bill. Bottom line, your total tax bill in any given year can easily soar above a 2% increase.
No, the school portion is included in the cap. But, there are exceptions, again, that the democrats in the legislature forced into the bill in order for it to be passed. Still a lot better than the 7% increases under Corzine.
Quote:
Towns, county governments and school boards in New Jersey can exceed the tax-hike limit for spending on debt payments, public employee benefits and response to disasters. And the cap also doesn’t capture many special fees that some towns have been levying for services such as trash removal that get around the limit.
And here is one from 2010 when it went into effect.
Quote:
When towns and schools starved of revenue want to raise taxes higher, they will have to get permission from a majority of local voters — something foes warn will widen the chasm between rich and poor communities.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
stay away from middletown, nj
