NJ's 51st Place Trophy: Property Taxes Edition - Time to Escape the Squeeze?
New Jersey's notorious property taxes often leave residents feeling squeezed. As the WalletHub report confirms, ranking 51st in the nation, New Jersey residents face some of the highest property tax burdens. But before you resign yourself to a life of financial hardship, consider this: escape is possible.
Understanding the NJ Tax Landscape:
Local Control: Unlike many states, property taxes in NJ are primarily driven by local municipalities and school districts, leading to significant variations across the state.
Double Whammy: You'll be taxed on both land value and home value, significantly impacting your total property tax bill.
Exemptions Exist: Seniors, veterans, and others may qualify for exemptions or reductions, offering some relief.
Seeking Greener (and Cheaper) Pastures:
While escaping NJ entirely might not be ideal, exploring lower-tax havens within the state or even venturing beyond its borders can offer significant financial benefits. Here's how:
NJ Towns with Lower Tax Burdens:
Cape May County: This southern gem boasts stunning beaches and lower taxes compared to northern counties. Towns like Lower Township and West Cape May offer idyllic settings with lower property tax rates.
Hunterdon County: Known for its rural charm and historic towns, Hunterdon County offers several options, including Lebanon Borough and Readington Township, with property taxes significantly lower than the state average.
Central Jersey: Areas like Mercer County and Somerset County strike a balance between affordability and proximity to major cities. Towns like West Windsor and Hillsborough provide lower tax rates than their northern counterparts.
Beyond NJ: Exploring Neighboring States:
Pennsylvania: Sharing a border with NJ, Pennsylvania offers several lower-tax options. Bucks County and Lancaster County boast charming towns like Doylestown and Manheim with significantly lower property taxes.
Delaware: Across the Delaware River, this state offers lower taxes and a beachy vibe. Towns like Rehoboth Beach and Lewes attract retirees and families seeking affordability.
Remember:
Moving isn't a decision to take lightly. Consider factors like desired lifestyle, job opportunities, and proximity to family when making your choice. However, exploring lower-tax havens can significantly ease the financial burden of New Jersey's property taxes, allowing you to enjoy the Garden State without feeling squeezed.
Important Note:
This article cannot provide definitive advice on moving or property taxes. Always research thoroughly, consult relevant professionals, and consider individual circumstances before making any decisions.
Further Resources:
NJ Department of Treasury: https://www.nj.gov/treasury/taxation/
Tax-Rates.org: http://www.tax-rates.org/taxtables/property-tax-by-state
National Association of Realtors: https://www.nar.realtor/
By focusing on specific New Jersey options and highlighting the potential benefits of moving to neighboring states, you can offer NJ residents valuable insights into escaping the high-tax burden and finding a more financially secure haven.
