Is There Anything You Can Do?
By Jeff Ostroth
THE ERICKSON TRIBUNE
So how much did you pay to your town last month?
Like many North Jersey homeowners of retirement age, you probably own your house outright, and so property taxes are no longer “hidden” in a monthly mortgage payment. Chances are, your town bills you quarterly, with payments due in on the first of February, May, August, and November.
This means you probably just shelled out a large chunk of money for your property tax. But if you think that was an “ouch,” just wait until your August payment. That’s when increases for the new fiscal year take effect in most towns.
A Relentless Rise
Property taxes keep going up, and with the State of New Jersey in serious financial straights, municipalities are relying on them more than ever. This has placed an increasing burden on homeowners—most acutely on retired people living on fixed incomes, particularly in northern New Jersey.
New Jersey property taxes are among highest in the nation, and North Jersey’s are among the highest in the state. In a 2005 Newark Star-Ledger ranking of New Jersey towns with the highest average tax bill for municipal, school, and county services, 18 of the top 25 towns were located in Bergen, Essex, Morris, and Passaic counties.
Number one was Essex County’s Millburn, with an average annual tax bill of $15,860 in 2005. Bergen County’s Glen Rock came in at number 24, averaging $10,957.
An Alternative
With annual tax bills for many North Jersey homeowners in five figures, it is quite possible that on a monthly basis you’re paying close to or upwards of $1,000 just for property taxes. Add to that your utility bills, insurance, and all the other expenses associated with keeping up a house, and your total monthly expenses are probably quite high.
Of course, maintaining an 8- to 12-room house also entails a bit of work and bother. But it’s when people look at their expenses that they often realize it’s time to right-size their living arrangement.