New Jersey is famous for many things, but its nation-leading property tax rates usually top the list of resident grievances. In this episode, we sit down with Marc Pfeiffer, senior policy fellow at the Bloustein School of Planning and Public Policy, to demystify the complex machinery behind property taxes. Marc breaks down the fundamental mechanics of why the rates are so high, how property taxes are calculated and where the money goes — ultimately addressing the age-old question: Are we actually getting what we pay for?
Topics discussed:
1:57 – How New Jersey property taxes are determined and distributed
3:57 – Why New Jersey leads the nation in tax rates compared to neighbors
9:09 – Is the higher cost justified by the services being provided?
12:20 – Why it has proven so politically difficult to reduce property taxes in New Jersey
16:23 – Changes to property tax relief programs proposed in Governor Sherrill’s budget
20:00 – Realistic reforms that could actually move the needle
22:56 – Why taxpayers receive relief payments instead of lower bills
Resources:
New Jersey Homeowner’s Guide to Property Taxes – https://njcpa.org/propertytaxguide
New Jersey property tax relief programs – https://www.nj.gov/treasury/taxation/…
New Jersey budget – https://njcpa.org/njbudget
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