Highest NJ Tax Bills are in Bergen County

Residents of Bergen County, New Jersey are used to seeing outrageous numbers on their tax bills. But do they know that Bergen County is in the running for the highest average tax bill in the nation?

Of the 25 towns in NJ with the highest average bills, 10 of them are in Bergen County.

New Jersey property taxes have risen an astounding 70 percent in the last 11 years! In fact, the average resident pays about $7,300 in property taxes each year, but businesses actually make up about 40 percent of the property tax base. As of 2011, the state leads the nation in high property taxes.

Although property taxes continue to climb in Bergen County, they seem to be climbing at a slower rate than before. In 2009, the average tax bill was $9,735, which was a 3.8 percent increase from the previous year's average. In some cities within the county, however, property taxes have increased dramatically: Tenafly and Alpine have seen their tax bills jump about 9 percent. The economy in NJ needs to improve substantially before homeowners see lower bills.

Tax Cap Takes Effect

January 1, 2011 marks the first day of the new levy cap that was signed into effect by the New Jersey Senate. Bergen County officials will have to make up a budget to stay within the 2 percent levy cap. Health care costs and pension costs are not included in the cap - just property taxes.

While the tax cap will "constrain the growth of property taxes," it won't exactly equal lower property tax bills for Bergen residents. Governor Chris Christie's tax cap bill means that homeowners can vote on how their districts allocate spending.

If you want to find out how you can lower your tax bill for your Bergen County home, contact ValueAppeal for swift and accurate advice.

References:

http://www.nj.com/news/index.ssf/2010/12/nj_senate_president_stephen_sw_2.html

http://www.nj.com/news/index.ssf/2010/02/nj_property_taxes_climb_70_per.html