New Jersey’s property tax landscape continues to intensify, with average bills reaching an unprecedented high of $10,570, a significant financial burden for homeowners. Recent statistics reveal that only 21 towns in the state have managed to either maintain or reduce their property tax bills, highlighting a troubling trend in state taxation. The rising financial demands are raising questions about housing affordability and the long-term implications for residents, particularly those in the middle and lower economic brackets.
– **Record High Property Taxes**: New Jersey’s average property tax bill has surged to $10,570, the highest recorded.
– **Limited Tax Relief**: Only a small fraction of towns—21—reported stagnant or reduced property tax bills, indicating a statewide challenge.
– **Affordability Concerns**: The rising taxes are becoming a significant issue for homeowners, raising alarms about housing affordability.
– **Economic Implications**: The ongoing trend suggests potential long-term challenges for the state’s housing market, particularly affecting lower income residents.
You can read this full article at: https://wrenews.com/new-jerseys-10570-average-property-tax-bill-hits-record-high/
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