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yes, they are

According to the Institute on Taxation and Economic Policy, here are the numbers:

The lowest 20% in income pay 5.6% of their income to property taxes.

The middle pay 4.3% of their income to property taxes.

The top 20% pay 3.7% of their income to property taxes.

The top 1% pays 1.5% of their income to property taxes.

------------------------------

Property taxes hurt people on fixed income like seniors the most, because seniors often bought their property a long time ago and have to pay property taxes on hugely appreciated property.  It's nice that their assets have gone way up in value, but many of them can't move, and are still assessed large amounts of money.  

There are other reasons the tax burden in New Jersey is unfair, but property taxes are regressive.

by Matt Stoller on June 02 at 3:07 PM EST
[ Parent ]


I stand corrected

Thanks for clearing that up! Matt.

Media In Trouble

by media in trouble on June 02 at 3:32 PM EST
[ Parent ]


Regressive for Renters too

  Property taxes are regressive for those who aren't able to afford their own homes, too.

  Who pays taxes on rental property?  The person renting it - the money only passes through the owner on its way to the state.  So they get to pay for property they can't even afford to own.

  Lower income people are more likely to pay rent - so they are more likely to pay someone else's property taxes.

XT

Christian Liberal is not an oxymoron.

by Xpatriated Texan on June 03 at 3:53 PM EST
[ Parent ]

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