New Jersey Property Tax Problems - New York News

New Jersey Property Tax Problems

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Egg Harbor, New Jersey (MY9NJ) -

The mayor of one New Jersey town is actually moving out because he claims he can’t afford to pay the property taxes there.

Egg Harbor Mayor Sonny McCullough bought his home in 1985 for about $350,000 and according to him, now he is officially taxed out.

In 2012, Egg Harbor property taxes were increased by 60% making his home now worth $1.1 million and that comes with close to a $35,000 tax bill.

Depending on which formula you use, New Jersey is either number one or number two in the country for pricey property taxes.

McCullough said, “property tax is the unfairest tax in the world. It’s not based on someone’s ability to earn money.  It’s based on the property value.”

Of the property taxes, 60% come from school taxes, 30% is for the township and local taxes make up less than 10% of the property tax bill.

This seems to be a problem for many residents across New Jersey.

One Hightstown resident, who is selling their house, said that property taxes are a big factor as to why many people are moving out.

The woman said, “The property taxes are killing me and nobody is buying because of the taxes in Hightstown, this is the third time we put the house up for sale.”

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