South Jersey Towns Top the List of Most Property Tax Exemptions
NJ.com reports that data now demonstrates about $157 billion dollars worth of various properties all across New Jersey are actually exempt from taxes (WHAT?!). That's a bit startling considering the size of the state itself.
Want another fun fact? Two South Jersey towns actually make the list of the 10 towns with the highest property tax-exemptions in the state. Probably important to know since it directly impacts your personal property tax value.
The two towns in question? Bridgeton and Atlantic City. Bridgeton reportedly has a little over $500 million dollars worth of tax exempt-able properties while Atlantic City's is even higher with 15 times that totaling $7.6 billion! Goodness gracious!
What's crazy about Atlantic City in this situation is that the majority of its exemptions fall under the "Other" category. This means that in addition to the obvious tax exemptions (i.e. charitable property, schools, public property), there's an additional $4.9 BILLION DOLLARS worth of property that is undefined.
Regarding the AC casinos, however, they pay PILOTS which are basically payments made in-lieu of taxes. I mean, we all figured that already, right?