Seabrook	UPDATED: Friday, December 22, 2006
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While N.J. homeowners wait for relief, another big property tax payment looms

Posted on Wednesday, December 27, 2006

By Jeff Ostroth
THE ERICKSON TRIBUNE

As The Erickson Tribune goes to press, New Jersey government officials have just begun an arduous endeavor: trying to turn 98 legislative committee proposals into a concrete plan for easing the state’s notorious property tax burden.

How, when, and if the various ideas take effect— including the much-ballyhooed proposal for state-paid property tax credits of up to 20%—is not yet certain. Meanwhile, the large quarterly tax bill that municipalities levy on homeowners is due on February 1.

Those who pay property taxes as part of their monthly mortgage installment won’t feel the full brunt of this bill, which is covered by their lender from an escrow account. But people who own their houses outright have less than one month to come up with another hefty four-figure payment.

And no reductions will be reflected in it.

Still Number One
Until the promised relief arrives, New Jersey will continue to hold the dubious distinction of having the highest property taxes in the nation. But don’t expect it to fall very far back in the pack when and if the cuts do come.

According to the Associated Press, the average Garden State homeowner currently pays twice as much in property taxes as the average homeowner nationally. Even with the most often cited reduction—up to 20% depending on the homeowner— New Jersey will still rank among the nation’s highest property tax states.

How much do New Jersey homeowners pay? Statewide, the average residential property tax bill is now over $6,000 a year. But in a number of Monmouth, Middlesex, and Ocean county communities, people pay considerably more.

Responding to the crisis
To tackle both the causes and effects of spiraling property taxes, the governor and legislators are hashing out possible solutions. Proposals include changing the formula for state aid to schools; encouraging consolidation and shared services among the state’s myriad municipalities and school districts; and restructuring public employee benefit plans.

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Also proposed is a statepaid credit of up to 20% of a household’s property taxes, to take effect in August. This would be funded by using half the increased revenues from the 1% rise in the state sales tax as well as funds currently earmarked for the FAIR homeowner rebate program.

Not every homeowner will receive a 20% credit, however. Assuming the proposal is adopted, the amount an individual homeowner receives will be based on income.

Moreover, citizens 65 and over who currently receive the maximum $1,200 FAIR rebate (20% of the $6,000 average property tax) should continue to receive that amount but may not receive much more.

Another solution
Bottom line: Property tax reform, whenever and however it comes, will not be a cure-all. And with property taxes still sky-high, many older homeowners are realizing that the time has come to “right-size” their living arrangement.

For those near the Jersey shore, Seabrook presents an ideal solution. Located in Tinton Falls, it is close to their former town, friends, and family. And, it offers a variety of beautiful one- and two-bedroom apartment homes, which are entirely maintenance-free.

When you move to Seabrook, do you still pay property taxes? Yes and no. Seabrook pays property taxes, which are allocated across the entire community. Since you share these costs with many others, in a sense you enjoy a “group discount.” (And you still receive your property tax rebate from the state.)

Your portion of Seabrook’s property tax is included in your monthly service package, so you don’t have to write a big separate check every quarter. Nor will you be writing separate checks for your gas and electric, water, other utilities (except telephone), cable TV, and home maintenance.

All these living expenses—plus one meal a day at any of Seabrook’s three restaurants—are covered by one predictable check that you’ll write each month for your inclusive service package.

More for your money
Most people find that living at Seabrook costs about the same as it did to live in their houses. And you get much more for your money, including access to a pool and spa, a fitness center, three restaurants, two salons, and more than 150 different groups, clubs, and activities. In short, the lifestyle is more rewarding. And less taxing.