Why Are Your Property Taxes So Darn High?
While the majority of people pay the most attention to the taxes they see regularly, i.e. income and sales tax, there are other taxes that cost you a lot of money that you may tend to forget about. One of those taxes that cost a lot, but that kind of goes unnoticed is property tax. In fact, depending on where you live and how much property you own, your property taxes can be huge. For some people, like residents of New Jersey for example, property taxes seem extreme.
A 2014 study by Monmouth University found that 26 percent of New Jersey residents said that they were “very likely” to move to a different state, with the most common reason being the high price of housing and property taxes – with property taxes being the main culprit. Residents of Connecticut and New York are also often on the list of highest property taxes. Why is that some locations have much higher property taxes than others?
There are several reasons that property taxes vary from state to state and city to city. Here are just a few of the main causes:
- State employees make a lot of money – if your state pays its workers well, like New Jersey does, then chances are your property taxes are higher in order to help foot that bill.
- Not Much Tourism – if your state lacks a lot of out-of-town visitors then property taxes could be higher to make up for lost revenue.
- Good schools – in order to have the best schools you have to pay for the best teachers and education services. The funds for those expenses often come from property taxes.
- Valuable property – no matter where you live, if you have a valuable home then you will almost assuredly pay more in property taxes. That’s because your property tax is based on the assessed value of your home times the local tax rate. A higher value home equals higher property taxes.
There are other possible reasons for high property taxes, but these are some of the most common. If you want to avoid outrageous property taxes, then your best bet is to simply move to a state where property taxes are lower.
The Three Steps to Developing an Effective Personal Development Plan
The Three Steps to Developing an Effective Personal Development Plan Author: Ron Subs Posted: 7/13/10 Effective personal development is the key to finding true self-reliance and control. From communicating with others at work, dealing with situations at home, and even mastering money, personal development is the greatest way to achieve satisfaction in your life. Regardless…
Your Voice Counts – How to Ace That Phone Interview
Your Voice Counts – How to Ace That Phone Interview By Freddy Ngiam Many people overlook the importance of a phone interview. You may assume that a phone interview is very impersonal. To a certain extent it is but an efficient phone candidate would try to fashion his voice and his tone and manner of…
Make Your Mark with Your Own Career Brand
Make Your Mark with Your Own Career Brand Author: Integrity Career Transitions When the going gets tough, the tough get…creative. With over 11 million people in the country now out of work and the unemployment rate up to over 9%, competition in the job market is getting hotter than ever. Gone are the days when…
Employee Recognition Programs
Employee Recognition Programs Managing the delicate balance in delicate times Everything about employment is tough these days. Choosing the right person. The unpredictability of economic and competitive conditions and how they might prompt reductions in staff. Not the least of employment problems is holding on to really productive employees who, frankly, are just as employable…