Governor Chris Christie has saved New Jersey homeowners some money, and if I was a real estate agent I would call him and thank him.
Property taxes in the state of New Jersey have skyrocketed as the state has increased cost of government through the roof recently. Property taxes have gone up 72 percent since 1999 and homeowners are overwhelmed with the costs.
Now government officials may have to look at the spending side of the equation instead of just raising taxes to buy votes from the public sector.
Assembly lawmakers in New Jersey, the state with the highest property taxes in the U.S., approved a plan endorsed by Governor Chris Christie to cap annual increases in real-estate levies at 2 percent.
The measure, which cleared the Democratic-controlled house 73-4 today, would lower the current restriction from 4 percent and reduce exceptions. The taxes are the prime source of funding for cities, schools and counties.
New Jersey property taxes climbed 72 percent from 1999 to 2009, to an average of $7,281. Taxpayer anger helped Christie become the first Republican elected governor in the state since 1997. Checking the increases will make the state more affordable and attractive to businesses and residents, he has said. via Bloomberg
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