NJ property taxes are going up, according to data from the New Jersey Department of Community Affairs. This could have significant consequences for anyone looking to buy a home in New Jersey in the months ahead.
Last year, the average property tax bill in NJ increased by nearly $200, going from $8,161 in 2014 to $8,353 in 2015. That represents a 2.4 percent increase, which is a statistically significant figure, particularly in light of the two-percent cap on property taxes that New Jersey lawmakers instituted in 2011.
Of course, it’s not a “hard” cap; various exceptions to the cap remain, meaning that some homeowners still have to pay property taxes that exceed two percent. This helps to explain why the average property tax bill in New Jersey was greater than two percent last year.
Property Taxes Are Going Up in Several NJ Counties, including South Jersey
Although the average NJ property tax bill is still only slightly more than $8,000, homeowners in some northern New Jersey counties have to pay an average annual bill of more than $11,000. In 2014, not a single county in New Jersey topped $11K for the average property tax bill; a year later, Bergen County and Essex County rocketed past that mark. Additionally, homeowners in Morris County, Passaic County, Somerset County and Union County found themselves paying more than $9,000, on average, last year.
While owners of property in the northern part of New Jersey have seen their tax bills rise in recent years, property owners in southern New Jersey have been blessed with relatively low property tax bills. Nine NJ counties had an average property tax bill of less than $7,000 last year, with Cumberland County homeowners paying less than $4,000 in average property taxes.
However, property taxes in South Jersey counties have still risen considerably since last year. For example, the average property tax bill in Camden County went from $6,099 in 2014 to $6,199 in 2015, while the average bill in Gloucester County rose from $6,232 to $6,465. Additionally, property taxes in Burlington County had the largest spike, by percentage, in the entire state, going up by an average of 3.8 percent.
For more information about property taxes in New Jersey, read the NJ.com article, “Which Counties in N.J. Have the Highest, Lowest Property Taxes?”
If you are looking to buy a home, or sell a home, in New Jersey, Joel R. Spivack, Esq. is a knowledgeable and experienced real estate attorney who can help you get the best deal possible and avoid pitfalls that plague home buyers and sellers. Contact Mr. Spivack today to schedule a free consultation and discuss your options.