TRENTION, NJ-Although the rate of growth slowed thanks to Gov. Chris Christie's 2% property tax cap, the average residential property tax bill rose to a record $7,885 last year.
The average property tax bill rose just 1.6% or on average $126 from the levy imposed in 2011. The rate of increase was the smallest in the past five years. The $7,855 property tax bill is the highest average real estate tax levy in the nation, according to the Tax Foundation, based in Washington, DC.
“By any measure, the property-tax reforms have been a resounding success,” Community Affairs Commissioner Richard Constable recently stated in testimony before the Assembly Budget Committee. “This success is measured against a cumulative average increase of 70% in the 10 years before Governor Christie took office.” See story at Bloomberg.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
