WAIT! The Government Collects HOW MUCH From NJ Residents’ Property Taxes?
It's no secret that the Garden State is an expensive state to call home.
Not only are homes on the pricey side here in New Jersey, but the property taxes people have to cough up every year make that financial burden even more difficult on some families.
According to a recent study, sources have discovered just how much revenue the state retains from New Jersey's property taxes. The good news is that property taxes were basically New Jersey's saving grace during the pandemic. So, while we all may complain about how high they are, it served the state well during an extremely difficult time in our history. That statement is especially true when you consider the fact that New Jersey was one of the states impacted the most by the pandemic.
If you own a home here in the Garden State worth slightly over $215k, then you're likely paying almost $5500 in property taxes.
According to the analysis, almost 29%, 28.7 to be exact, of New Jersey's total tax revenue comes from property taxes collected from residents and businesses. That puts New Jersey among the top two states for highest property tax revenue. When looking at the United States as a whole, the amount of property tax in regard to total tax revenue is 16.6% So, New Jersey's is over 10% higher than the entire country's average.
New Jersey makes $31,200,180,000 in property tax revenue annually, while the annual general tax revenue total is $108,751,702,000.
So, while it's true that we have the 2nd highest in the country in terms of property tax revenue, at least we know it helped us out during desperate times.