Egg Harbor, New Jersey (MY9NJ) -
The mayor of one New Jersey town is actually moving out because he claims he can’t afford to pay the property taxes there.
Egg Harbor Mayor Sonny McCullough bought his home in 1985 for about $350,000 and according to him, now he is officially taxed out.
In 2012, Egg Harbor property taxes were increased by 60% making his home now worth $1.1 million and that comes with close to a $35,000 tax bill.
Depending on which formula you use, New Jersey is either number one or number two in the country for pricey property taxes.
McCullough said, “property tax is the unfairest tax in the world. It’s not based on someone’s ability to earn money. It’s based on the property value.”
Of the property taxes, 60% come from school taxes, 30% is for the township and local taxes make up less than 10% of the property tax bill.
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3 comments:
Most of my family still lives in NJ/NY. No one fancy, just working class folk. My Uncle spends 8K a year in property taxes, for a 1400 sq ft 3 bed, 1 bath home. My Grandma, spends 7K a year for a 1100 sq ft, 2 bed, 1 bath home, a home she's lived in since the early 1960's; a home that originally was less than 6,000. The taxes are incredible up there. I'm glad I moved south years ago. I pay a fraction of what they pay, and live on acreage with a much larger home. I would never move back to Jersey. Never.
Those Jersey folks must earn a lot more money than we do down here.
I'm pretty certain that Olive Garden, McDs, Chilis, Red Lobster, Starbucks, Subway, etc. all pay pretty much the same.
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