Report: local suburban property taxes outpacing residents' income (NY/NJ/CT)

[w¡n9Nµ7 §£@¥€r 123]

NEW YORK -- Property tax increases greatly outpaced personal income growth in the region's suburbs between 2000 and 2004, a turnaround from the 1990s, according to a report published Monday.

[...]

The widest gap in the region was evident in Somerset County, N.J., where property taxes jumped 41 percent while income grew only 5 percent.

In Nassau County, tax collections rose 29 percent while personal income went up 11 percent. In Westchester County and New Jersey's Bergen County, the property taxes also grew at about three times the rate of income.

The trend was echoed nationally, but to a lesser degree, Census Bureau data shows. Across the U.S., property taxes grew 28 percent during the four year period, while income went up 16 percent.

In 32 states, residents experienced an income boom in the '90s that outpaced property taxes, followed by a reversal in the years since 2000, the report said.

While home values have soared in many places, the disparity between taxes and real income may force some people out.

Bob Vena, a plumbing contractor in Hazlet, N.J., said he does not know how long he will be able to afford the soaring taxes on his home and bungalow, which now total $13,500 yearly.

"Eventually," the 63-year-old said, "I hope to sell everything and just get out of New Jersey."

http://www.newsday.com/news/local/wire/new...egion-apnewyork

[almaty 19]

#######????????????????? just wrong

[Fandango 1,439]

They should implement the Save our Homes Amendment. It could help somewhat.

In FL, property value assessments with homestead exemption can only be raised 3% or the cost of living increase, whichever is less. Which obviously has a direct effect on the amt of tax owed. Of course, you sell it and even downsize your home...you're going to be reassessed. But I hear that there are some politicians fighting to be able to downsize or make a lateral move within the same county, and you would take your tax break with you.

http://www.flsenate.gov/statutes/index.cfm...3ESection%20155

[chri'stina 190]

Around $1550 here, but will be cheaper after we get homestead exemption. Unfortunately before we bought it, it was rented out and so it was not under homestead exemption. It has to be under homestead exemption by March 1st of each year, since we bought it the end of March we couldn't do it and won't get the discount until next year. That may sound very low to some, but taxes were almost half that amount 2 years ago before the boom around here. The houses, property taxes, and home owners insurance here have doubled in price but income definitely has not.

[w¡n9Nµ7 §£@¥€r 123]

Around $1550 here, but will be cheaper after we get homestead exemption. Unfortunately before we bought it, it was rented out and so it was not under homestead exemption. It has to be under homestead exemption by March 1st of each year, since we bought it the end of March we couldn't do it and won't get the discount until next year. That may sound very low to some, but taxes were almost half that amount 2 years ago before the boom around here. The houses, property taxes, and home owners insurance here have doubled in price but income definitely has not.

Interesting. Closer to 5k where I live and that's for a townhouse. Homeowners in my area pay closer to 8-10k. Incomes have risen, but not that much.

[Ban Hammer 13,334]

house tax runs about $1800 a year, vehicle taxes about $300, state income about $4,000. local sales tax 7.3% - hell i live in taxes!

[w¡n9Nµ7 §£@¥€r 123]

house tax runs about $1800 a year, vehicle taxes about $300, state income about $4,000. local sales tax 7.3% - hell i live in taxes!

I'd love to have that light a tax burden

[chri'stina 190]

We don't have state income tax. Local sales tax in my county is 6.5%. And vehicle taxes "$28.10 for a small vehicle to $46.10 for a large vehicle" (from my county site).

[Hilarious Clinton 452]

Property taxes are out of control in NY/NJ.

[Ban Hammer 13,334]

house tax runs about $1800 a year, vehicle taxes about $300, state income about $4,000. local sales tax 7.3% - hell i live in taxes!

I'd love to have that light a tax burden

i hate taxes

what state are you in gupt?

[w¡n9Nµ7 §£@¥€r 123]

house tax runs about $1800 a year, vehicle taxes about $300, state income about $4,000. local sales tax 7.3% - hell i live in taxes!

I'd love to have that light a tax burden

i hate taxes

what state are you in gupt?

Joisey, also known as Dirty Jerz.

[w¡n9Nµ7 §£@¥€r 123]

Lawmakers continue examination of NJ's property taxes

By TOM HESTER Jr.

Associated Press Writer

August 6, 2006, 9:53 AM EDT

TRENTON, N.J. -- A legislative push to lower New Jersey's property taxes, which are the highest in the nation, is to move into its second week with lawmakers set to examine how to change local government services, public worker benefits and school funding.

Three panels, each charged with delving into a different cause of the ballooning taxes, are to meet starting Tuesday. A fourth committee, formed to investigate whether the state constitution should be changed, held its first meeting Friday.

"Our goal is to achieve meaningful property tax relief and reform by having these committees fully air the tough choices that need to be made to keep New Jersey livable," said Senate President Richard J. Codey, D-Essex.

The average New Jersey property owner pays about $6,000 in property taxes annually, twice the national average. Property taxes pay for most county and local government and school operations. About $20 billion in property taxes is collected per year in New Jersey.

The legislative committees have until Nov. 15 to finalize property tax reform legislation. Each panel includes six members - four Democrats and two Republicans.

On Tuesday, the panel examining how the state can entice its 1,389 local governments to either consolidate or share services will hold its first meeting.

"Without a push towards consolidating and sharing services and meeting the obligations of local government more efficiently than we currently do, any attempt to reform the property tax system in New Jersey is doomed to fail," said Sen. Ellen Karcher, D-Monmouth, a member of that committee.

The panel that will examine reforming public employee benefits and pensions is scheduled to hold its first meeting on Wednesday.

"I look forward to the opportunity to address in substance the challenge of reforming our pension and benefits system," said Sen. Nicholas Scutari, D-Union, who will co-chair that committee. "In doing so, we hope to reduce a skyrocketing liability that hampers all levels of governments' ability to plan prudently and eliminate the long-term mortgage on our future. We need a system that is fair both to hardworking public employees and to New Jersey taxpayers."

On Thursday, the panel formed to study New Jersey's school funding will hold its initial meeting.

"I believe we have a real opportunity to promote excellence in education and affordability for taxpayers for the first time in a generation," said Sen. John Adler, D-Camden. "We cannot afford to miss this opportunity."

Each committee will hold its first meetings in Trenton, but Assembly Speaker Joseph Roberts Jr., D-Camden, said he also expects them to hold meetings throughout the state.

He contends the hearings won't "fall prey to being just another academic or rhetorical exercise on property taxes."

"The members of these joint committees have a shared mission of turning property tax reform concepts into reality," Roberts said.

The panel looking into constitutional tax questions met Friday. It doesn't plan another meeting until the other three committees hold their first ones.

Republicans wanted the committees to have equal numbers of Democrats and Republicans, but they ultimately voted to support forming the committees as Democrats proposed. Democrats control the Assembly 49-31 and the Senate 22-18.

"We intend to offer constructive, thoughtful suggestions and to provide the committees with ideas that we believe will result in substantive property tax relief," said Assembly Minority Leader Alex DeCroce, R-Morris.

[Ban Hammer 13,334]

house tax runs about $1800 a year, vehicle taxes about $300, state income about $4,000. local sales tax 7.3% - hell i live in taxes!

I'd love to have that light a tax burden

i hate taxes

what state are you in gupt?

Joisey, also known as Dirty Jerz.

oh yuck. now where is that t-shirt that i'd seen before bout jersey.

hey you're near gimy ain't ya?

Edited August 7, 2006 by charlesandnessa

[almaty 19]

house tax runs about $1800 a year, vehicle taxes about $300, state income about $4,000. local sales tax 7.3% - hell i live in taxes!

I'd love to have that light a tax burden

i hate taxes

what state are you in gupt?

Joisey, also known as Dirty Jerz.

damn, that suxs

[RosaMystica7 0]

Yup... I live in Suffolk County, 1 county east of Nassau, and it's absurd. There's no way my fiance and I will be able to afford to stay here. We plan to clear the AOS hurdles, save the money we need, and move to Virginia. We don't like the idea that, if something happens in the city, we're trapped on this island with no way out, anyway.