America's Priciest Property Taxes

Forbes ^ | 03 October 2007 | Matt Woolsey

[Lorianne]

After navigating a tight credit market and securing a home loan, a big property tax bill really hurts.

And nowhere is it felt more than in New York and New Jersey, where residents pay more in these taxes than anyone else in the country. The hardest hit? Homeowners in western New Jersey's Hunterdon County. Last year, the median yearly property tax bill amounted to a whopping $7,999 here, according to the Tax Foundation, a nonpartisan research group in Washington, D.C, which compiled data based on 2006 figures.

Things aren't much better in New York. In Nassau County, Long Island, the median homeowner drops $7,706 a year, while up north, Westchester County residents pay $7,626 a year.

"They spend more on government [in the Northeast]," says Gerald Prante, an economist at the Tax Foundation. "In New York and New Jersey, they're high on every tax."

[Muleteam1]

>>Tax rate is what matters.<<

I agree. A median yearly property tax bill is meaningless unless one knows the rate. I believe a good average for Texas is about 3% of the appraised value but it seems to vary greatly by county.

[whatexit]

That’s exactly what happened in Maplewood a few years back - the nice side of town got $10-18K INCREASES. Lots of houses > $25k yearly. It cleared it out within 2 years. It’s now all NY’ers.

[businessprofessor]

The combination of the assessed value and the rate determine the tax. Ultimately, the tax is the only thing that matters. In most places, the tax rate is frozen so your taxes track the assessed value. In areas of increasing property values, frozen tax rates lead to very high property taxes and bloated government.

Colorado has a taxpayer bill of rights. Taxes can only increase with population growth and inflation. Property tax rates have declined in Colorado as property values have increased so that the total amount of tax revenue does not exceed the constitutional limit. The dims are unhappy about the amount of property taxes so they passed a law that freezes property tax rates. Because the total amount of taxes will increase faster than the TABOR limit, many believe that the law is unconstitutional. However, we have a rat supreme court so I am skeptical that the law will be invalidated even though it clearly contradicts TABOR.

[bigjackattack]

the elderly get more benefits from the government they can pay more taxes, I pay bunches in ssi taxes I am never getting back

[Agent Smith]

Ok you whining little girlie men here is a real tax role.

http://www.bronxville.us/photo.htm

[billorites]

"Property taxes are the chief reason people are leaving the Northeast in droves."

I live in New Hampshire and pay over 10K taxes for a 3 bedroom house on an acre (waterfront) lot.

I have no children in public school, no garbage pickup, no nothing so far as town services.

I'd rather cash out and move to Mexico.

[Cosmo]

These Westchester County taxes sound on the low side. I know my father was forking over well over 20 grand a year on his Westchester home in the late 80s. And no, it wasnt what you would call a mansion.

[Intolerant in NJ]

In NJ, we are down to Somerset, Morris, Warren, Sussex, Hunterdon, and Cape May counties, and who know's how long that will last...Atlantic county is still majority 'pub, but with Camden county boss Norcross pouring money into the area to pick off GOP officeholders we won't last long.......