Listen to this article

The New Jersey Department of Community Affairs recently released detailed data breaking down property tax rates and trends by municipality, county and more.

Overall, the report found New Jersey homeowners paid an average of $9,803 in property taxes last year, an increase of more than $300. Meanwhile, a new study from WalletHub identified the Garden State as having the highest real estate property tax nationwide.

According to DCA, Camden County’s Tavistock Borough ($38,206) and Essex County’s Millburn ($24,947) reported the highest average property tax bills. Likewise, Washington Township in Burlington County and Tavistock reported the largest average property tax bill increases: the former jumped 29.5% to an average $3,933, while the latter saw a 27.4% surge to that $38,206 average.

Additional toplines from the DCA report include:

• Property taxes increased an average of 3.2% in 2023
• Total revenue raised from property tax revenue statewide was more than $33.3 billion, an increase of more than $1 billion from 2022
• More than 90% of New Jersey municipalities saw average property tax rates increase;  just 46 municipalities saw bills decrease or stay flat

You can check out the full DCA report here.

We’re No. 51

In WalletHub’s Property Tax by State in 2024 report, released separately this week, New Jersey ranked last in real estate property tax with the biggest bill.

According to the study, the real estate tax on median state home value in New Jersey is $9,345, versus the median U.S. figure of $6,563.

“Some states charge no property taxes at all, while others charge an arm and a leg,” said Cassandra Happe, analyst, WalletHub. “Americans who are considering moving and want to maximize the amount of money they take home should take into account property tax rates, in addition to other financial factors like the overall cost of living, when deciding on a city.”

Being charged an arm and leg for property taxes is something New Jerseyans know all too well.

The data and summaries come ahead of the upcoming Fiscal Year 2025 Budget Address in the Garden State, on Feb. 27.

With the recent passage of ANCHOR and StayNJ, property tax relief is at the forefront of the minds of the Legislature and Gov. Phil Murphy. And residents will surely watch for further efforts to relieve those bills here in the great Garden State.

Get more insights into the upcoming FY 2025 Budget Address here and upcoming in the Feb. 26 issue of NJBIZ.