New Jersey has the dubious distinction of having the highest property taxes in the entire country.
We pay well over $26 billion per year in property taxes which is more than the total of all state income taxes, sales taxes, corporate income taxes, inheritance taxes, gas taxes, motor vehicle fees, cigarette taxes, and liquor taxes combined.
Despite the fact that property values have plummeted since 2007 property taxes have grown 50 percent faster than income and sales taxes with no relief in sight.
In other words, your house isn’t worth anything near what it was worth in 2007 but yet, your property tax bills have soared with no end in sight.
But there is a solution. Property owner’s have the right to appeal their property assessment. A successful appeal and a lower property assessment means lower tax payments.
For whatever reason most property owners do not appeal their assessment. In the past four years less than one percent (1%) of all property owners in New Jersey filed appeals and thus missed a golden opportunity to save thousands of dollars each year.