Cost of Living in New Jersey

Property taxes in New Jersey continue to increase. When the average American household spends $2,279 on property taxes for their homes each year, according to the U.S. Census Bureau, New Jersey goes overboard. New Jersey has the highest property taxes in the country by far. The average New Jersey tax bill in 2017 was $8,690, according to the state Department of Community Affairs. This was a 1.6% increase, or $141, higher than 2016. And Governor is looking for additional revenue for the state.

With respect to the return on federal taxes paid, New Jersey gets just 74 cents back. No state in the nation gets so little in return. What is even more aggravating is that 37 states get more from Washington than they pay in.

More than $14 billion in property taxes go unpaid each year, the National Tax Lien Association has found.

This translates into higher housing costs overall for everyone. In New Jersey, the average rent for a two-bedroom apartment is $1,420 per month. This translates into New Jersey being the seventh most expensive in the country, according to a new report from the National Low Income Housing Coalition.

This is a list of the average property tax paid in the country, with New Jersey standing in the top spot.

Here is what other states are paying in property taxes:

2 Illinois 2.31% $4,476 $179,700 $4,157
3 New Ham 2.20% $4,257 $244,900 $5,388
4 Connecticut 2.07% $3,999 $270,100 $5,582
5 Wisconsin 1.94% $3,756 $169,300 $3,286
6 Vermont 1.83% $3,544 $220,600 $4,040
7 Texas 1.83% $3,544 $151,500 $2,775
8 Nebraska 1.80% $3,485 $142,400 $2,565
9 New York 1.68% $3,246 $293,000 $4,915
10 Rhode Island 1.66% $3,206 $242,200 $4,013
11 Michigan 1.64% $3,179 $136,400 $2,241
12 Pennsylvania 1.58% $3,054 $170,500 $2,691

If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.

Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.

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