NJ’s Number 1 Again For Highest Property Taxes In The Country
We did it, Jersey! We're NUMBER ONE!
JK, don't get too excited. Nobody wants to be number one for this....
Let's just be real, okay? New Jersey isn't exactly known for its cheap cost of living. That's a joke considering it's SO EXPENSIVE to make a life in this state. Not only can we not use our public land the way other states can, but the little piece of earth we each individually call home comes with such a heavy price tag in and of itself that it's almost comical.
Of course, I'm talking about the money we pay in property taxes every year. It's embarrassing, really. I have friends in the surrounding states who have twice the lot size I do and pay half the property taxes. That example is one of many that serves to prove the point that the folks over at WalletHub did when they compared each state's average real estate property tax.
Now, if you're a renter, you may be thinking to yourself how thankful you are that you don't have to worry about paying property taxes every year. Hate to rain on your parade, but you do. The rental property's annual property tax no doubt contributes to how much your landlord charges you each and every month. Bottom line, if the property taxes for wherever you're renting were lower, your monthly rent would be less, too.
WHY is it SO EXPENSIVE to live here? Well, long story short, the population is packed into this small state like sardines. Quite frankly, it's a bit naïve to expect it to be any other way when you think about the amount of people we've got crammed into the surface area that is the state of NJ. The only state more dense than Jersey is Rhode Island. Therefore, NJ requires more services than areas not as populated. Guess what pays for those public services? Your property taxes.
Unfortunately, there's not much that can be done about these costs, either. NJ's property taxes have been a spotlighted debate topic for YEARS among the politicians coming in and out of power. If nothing's been done to decrease the costs by now, it's not smart to hold much hope for the next few years.