New Jersey Still #1 in High Property Taxes
The latest analysis shows — to no one's surprise — New Jersey is still No. 1 in the nation in high property taxes.
Policy analyst Katherine Loughead, with the Washington, D.C.-based Tax Foundation, says the high rates are common in the Northeast.
"Your neighbors — New York, Vermont, Massachusetts — all those states also have pretty high property taxes compared to the rest of the nation," she said.
Loughead says New Jersey relies a lot on public services at a relatively high cost. Public workers are paid well.
"It's almost like if you're going to live here you just have to know that this is the reality. They have tried to make some changes but nothing ever seems to really make a big difference in wallet," she said.
"Property taxes have remained very high in the state. That's one of the reason New Jersey lawmakers have complained a lot about the new $10,000 federal (State and Local Tax) deduction cap because that means New Jersey residents are now experiencing more of the burden of the state's uniquely high tax rates."
States that rely the least on property taxes are Alabama, Hawaii and Arkansas.