New Jersey Is On An Unsustainable Fiscal Course
Over the last ten years, municipal spending has grown by 69 percent, and property taxes have grown by 70 percent, until New Jersey property taxes are now the highest of any state in the nation.
This is an unsustainable course.
For nearly 30 years, the citizens of New Jersey have placed in the hands of politicians-mostly politicians from Trenton-the responsibility for fixing property taxes. And in every gubernatorial election since 1973, we’ve had folks dancing around this property tax problem, putting band-aids on it, but not doing a thing to address the structural issues that allow politicians to hike property taxes year, after year, after year.
We can’t increase municipal aid, increase aid to school districts, and increase property taxes without end. At some point, the people’s ability to pay runs out.
And now we’re there.
With property taxes up 70 percent in ten years, people in New Jersey are now voting with their feet, and they’re leaving.