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NJ needs a CPI-linked Cap on Real Estate Tax hikes

Other states have caps placed on real estate tax increases - why not NJ?  

Many NJ homeowners have been shocked with many successive 20% property increases.  Over 4 years, my own real estate tax have risen over 100% on a completely unmodified piece of property.  These kinds of tax increases are profoundly unfair and unsustainable, no matter what your income level.

Is it all that logical for two people to pay vastly different taxes for identical pieces of property?  Isn't this far more confusing than simply altering the income tax structure (increasing taxes on higher earners)?  The problem with NJ real estate taxes is profligacy at the municipal government level.  This will only change if reasonable limits are placed on future tax revenues - something a cap on tax rate increases would do quite nicely.  

A CPI-based cap on real estate taxes would do the job - and would win votes for Corzine if he supported the idea.

by JB in Montgomery on August 10 at 9:42 PM EST

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