Property Taxes

PROPERTY

TAXES

New Jersey continues to have the highest property taxes in the United States. For the first time ever, in 2020, the average property tax exceeded $9,000—seven of New Jersey’s 21 counties had average property taxes of over $10,000. While progress has been made in recent years to control property tax increases, there is still work to be done to make New Jersey an affordable place for families to live and retire.

New Jersey Realtors® believes measures to control and reduce property tax increases should be enacted.

While the state property tax deduction was recently increased as a way to offset the State and Local Tax deduction cap, additional measures are still needed. to reduce the property tax burden. Comprehensive solutions by the state, county, and local governments to address this issue.

This cap on the SALT deduction comes at a great cost to New Jersey residents. New Jersey Realtors® and the National Association of Realtors® are working tirelessly with members of Congress to eliminate the cap on the SALT deduction to lighten the tax burden on our residents.

The widespread problem of property taxes will only be solved by the adoption of innovative and comprehensive solutions on the municipal and state levels.

New Jersey must continue to find ways

Making the Garden State more affordable will halt the outmigration of young people, attract new residents, and incentivize new businesses to invest our state.

Visit njrealtor.com/government-affairs for compiled reports on these exact issues. We encourage policymakers to utilize this data when crafting new measures leading to lower property taxes.