2 South Jersey Towns Have Insane Number Of Properties Not Taxed
We already know that NJ's taxation system is pretty wild. What's even more insane? Did you know that plenty of South Jersey towns have more buildings that are exempt from taxes than they do taxable ones? That's a fact.
NJ.com reports that data now demonstrates about $157 billion dollars worth of various properties all across New Jersey are actually exempt. That's a bit startling considering the size of the state itself. Wild, isn't it?
Here's another fun fact for you: Two towns within Atlantic and Cumberland Counties have actually made the list of the 10 towns with the highest property tax exemptions in the state. Believe it or not, this is some important information to know about since it directly impacts your personal property tax value.
The two towns in question? Bridgeton and Atlantic City.
Let's examine Bridgeton first. Bridgeton reportedly has a little over $500 million dollars worth of tax exempt-able properties. It has $502 million dollars worth to be exact. Their taxable buildings are worth about $490 million, but that still leaves them roughly $12 million in the hole.
Now, let's move on to Atlantic City. AC's tax-exempt properties are fifteen times higher than Bridgeton's, totaling $7.6 billion! What's crazy about Atlantic City in this situation is that the majority of its exemptions fall under the "Other" category. This means that in addition to the obvious tax exemptions (i.e. charitable property, schools, public property), there's an additional $4.9 BILLION DOLLARS worth of property that is undefined.
If you ever wondered what's preventing certain South Jersey towns from turning themselves around, this might be a factor, wouldn't you say?