Property Taxes Soar in New Jersey: See Which Towns Are Most Affected

New Jersey has some of the highest property taxes in the country, and the situation is only getting worse. In 2023, the average property tax bill in New Jersey was $8,820, up 2.4% from the previous year. But some towns saw even bigger increases

According to a search I did, of the 565 municipalities in New Jersey, 475 (84% of towns) had their property taxes increase in 2023, 80 had their property taxes stay the same, and 10 had their property taxes decrease.

Top 25 Towns With the Largest Property Tax Increases on 2023

Ranked from highest to lowest:

1. Rochelle Park, Bergen County (18.1%)

2. Bay Head, Ocean County (17.4%)

3. Fair Haven, Monmouth County (16.5%)

4. Neptune, Monmouth County (16.3%)

5. Lambertville, Hunterdon County (15.7%)

6. Rumson, Monmouth County (15.6%)

7. City of Orange, Essex County (15.5%)

8. Avalon, Cape May County (15.1%)

9. Shrewsbury, Monmouth County (14.9%)

10. Woodcliff Lake, Bergen County (14.8%)

11. Keyport, Monmouth County (14.6%)

12. Raritan, Somerset County (14.5%)

13. Longport, Atlantic County (14.4%)

14. Sea Girt, Monmouth County (14.2%)

15. Stockton, Hunterdon County (14.0%)

16. Maplewood, Essex County (13.9%)

17. Spring Lake, Monmouth County (13.8%)

18. Loch Arbour, Monmouth County (13.7%)

19. Asbury Park, Monmouth County (13.6%)

20. North Caldwell, Essex County (13.5%)

21. West Long Branch, Monmouth County (13.3%)

22. Blairstown, Warren County (13.2%)

23. Surf City, Ocean County (13.1%)

24. South Orange Village, Essex County (13.0%)

25. Princeton, Mercer County (12.9%)

Reasons for the property tax increases

The reasons for the property tax increases vary from town to town. Some towns are facing rising costs for municipal services, such as education and public safety. Others are dealing with the effects of inflation, which has driven up the cost of everything from property assessments to fuel and utilities. Still others are facing new expenses, such as the cost of repairing or replacing aging infrastructure.

Impact of the property tax increases

The rising property taxes in New Jersey are putting a strain on many homeowners. Some are struggling to afford their monthly payments, while others are considering selling their homes and moving to a more affordable state.

What you can do

If you are considering moving to New Jersey, it is important to factor in the high property taxes. You may want to consider living in a town with lower property taxes, or you may want to make sure that you have a good job that pays enough to cover your monthly expenses.

If you are already a homeowner in New Jersey, you may want to consider refinancing your mortgage to get a lower interest rate. You may also want to consider getting a property tax deduction on your federal income taxes.

Move to another state. These are the top 10 states with the lowest property taxes:

1. Wyoming

2. Nevada

3. South Dakota

4. Tennessee

5. New Hampshire

6. Alaska

7. Arkansas

8. Montana

9. Idaho

10. North Dakota

Rising property taxes are a major problem in New Jersey. It is important to be aware of the issue and to take steps to protect yourself. The Anchor Tax Rebate might give you some relief.