Property tax for 1.4 million people in NJ is up, thanks to state’s housing boom

Property tax in New Jersey has increased from 0.5 percent to 0.6 percent, according to figures released by the New Jersey Department of Revenue.

“New Jersey continues to be the home of the highest home values in the nation, but this year’s increase in the state’s property tax rate comes as the state continues to experience an extraordinary housing boom,” the department said in a release on Monday.

The state has about 1.8 million residents, and about 1,200 of them live in Jersey City.

The rate for a single-family home in JerseyCity has increased by $200 a year since 2014, the department reported.

The median price for a one-bedroom home in the city rose by $100 in 2017, and the median price of a two-bedroom jumped by $20.

The median price in Jerseyville increased by nearly $40 last year, and prices in the neighboring towns of Easton and Hoboken increased by about $50.

The increase in prices came as the economy slowed and the housing market improved, according the department. 

In the last year alone, property tax rates in JerseyTown have increased by more than 80 percent, to $2,567.

The increase in rates comes despite New Jersey having an unemployment rate of about 5.6% in 2017.

In a city of 4.4 square miles, it has one of the lowest unemployment rates in the country, according to the National Employment Law Project.

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