In an effort to address New Jersey’s extreme property tax rates, Senator Vin Gopal has introduced a bill requiring the consolidation of some of New Jersey’s smallest municipalities.
The bill (S3226) would require the consolidation of municipalities with populations of less than 1,000 persons into more highly populated municipalities.
“New Jersey’s property tax rates are absolutely out of control, placing an undue burden on our hardworking homeowners,” said Senator Vin Gopal. “Drastic steps must now be taken to ameliorate this major issue. While I don’t expect this bill to be the sole solution to our property tax and municipal spending problems, I am confident that this is a step in the right direction. If we don’t take drastic measures soon, New Jersey will continue to lose residents to less expensive states. We can do this through attrition and a human way so we fix the system long-term but not allow public employees to lose their jobs.”
Of New Jersey’s 565 total municipalities, 33 have less than 1,000 full-time residents. The lowest municipal population is claimed by Tavistock in Camden County, with a population of five residents.
New Jersey has the highest property tax rates in the United States, with annual taxes on a home assessed at the state median value of $316,400 totaling $7,601, and an effective real estate tax rate of 2.4 percent.
Additionally, Monmouth County ranks among the most expensive counties in the nation with an average property tax bill of $8,924.