Wednesday, March 29, 2006

From the Newark Star Ledger, I thought I'd offer a little perspective on Real Estate taxes.

While many local school boards struggle to push 2% tax increases along to homeowners consider the town of Summit, NJ. As a disclaimer, Summit was my the neighboring town to my old hometown in NJ. Summit is a lovely, old world town with quirky shops and many great restaurants.

Summit is about to cross the Rubicon. The average city homeowner will soon pay more than $1,000 a month in property taxes, with Summit becoming the first of Union County's 21 communities to cross the threshold.

With the city and the school board both considering 8 percent tax hikes, and the county portion expected to rise by 6 percent, the average homeowner will soon be staring down the barrel of a $12,521 annual property tax bill, a jump of 13.5 percent, or nearly $1,500 over the past two years.

Furthermore, city and school officials believe that unless residents want to see class sizes increased dramatically, or substantial cuts to police, fire and public works services, or they finally agree to the need for regionalized services, there may be no end to this upward spiral.

I'd note that these numbers reference AVERAGES and with many middle class homeowners paying far less than $12k/yr, you can imagine that some are paying a multiple of $12k/yr in real estate taxes.

I'll take shopping at Sam's Club and eating at Subway over a $12k/yr tax bill any day.

1 comment:

rug daniels said...

The only workers that do not have to worry about making a profit or customer satisfaction are government workers. They are overpaid because of their strong unions and it is almost impossable to get fired. The health benefits that counties are going to pay all the people that retire down the road are going to make GM look look like pikers.