From the Daily Record:
The average property tax bill in New Jersey topped $6,300 last year, a 7 percent increase in what were already the nation’s highest property taxes, according to new state figures.
Even as Gov. Jon S. Corzine and legislators spent five months looking for ways to cut property taxes, the average bill rose from $5,914 in 2005 to $6,331 in 2006, according to numbers compiled by the state Department of Community Affairs.
The 7 percent increase last year was a bit less than in 2005, when property taxes — used to fund most county, municipal and school operations in the state — increased 7.3 percent.
The average Garden State property tax bill has increased from $4,961 in 2002, according to the DCA figures.
In all, $20.9 billion in property taxes was collected in 2006 in New Jersey, where property taxes are twice the national average.
The governor’s budget proposal also includes a $2.3 billion plan to cut property taxes by 20 percent for most homeowners. As the centerpiece of last year’s reform effort, it would provide a 20 percent cut to homeowners who earn up to $100,000; a 15 percent cut for homeowners who earn up to $150,000; and a 10 percent cut for homeowners who earn up to $250,000.
The plan, which Corzine has not yet signed into law, would provide an average $1,051 tax cut for homeowners.
Renters would also see tax help increased, with some getting more than four times as much property tax relief as they got last year.