In 2019, the average amount paid in real estate taxes in New Jersey was a national high of $8,953, representing an increase of $186 over the amount paid in 2018.
Though this figure is significant, there is a bright side to this: the average homeowner gains in the average sales price and in homeowner equity by more than 10 times this amount. The average increase in property tax was 2.1%, which is higher than the average increase from the year before, which at 0.9% was a record low.
U.S. homeowners with mortgages, which account for roughly 63% of all properties, saw their equity increase by 5.4% year-over-year, representing a gain of nearly $489 billion since the fourth quarter of 2018. This translated into the average U.S. homeowner gaining $7,300 in equity in 2019.
As of October, the average single-family home in New Jersey was sold 27.5% higher than in 2019, from $409,000 to $521,700.
Unfortunately, property taxes have more than doubled in the last two decades.
These are the New Jersey counties that paid the lowest in property taxes in 2019.
1. Walpack, Sussex County
2018 Average Residential Tax Bill: $450
2019 Average Residential Tax Bill: $515.
2. Camden, Camden County
2018 Average Residential Tax Bill: $1,710
2019 Average Residential Tax Bill: $1,728
3. Woodbine, Cape May County
2018 Average Residential Tax Bill: $1,947
2019 Average Residential Tax Bill: $1,963
4. Teterboro, Bergen County
2018 Average Residential Tax Bill: $2,059
2019 Average Residential Tax Bill: $2,026
5. Lower Alloways Creek, Salem County
2018 Average Residential Tax Bill: $2,157
2019 Average Residential Tax Bill: $2,053
6. Commercial, Cumberland County
2018 Average Residential Tax Bill: $2,589
2019 Average Residential Tax Bill: $2,539
7. Audubon Park, Camden County
2018 Average Residential Tax Bill: $2,411
2019 Average Residential Tax Bill: $2,574
8. Washington Township, Burlington County
2018 Average Residential Tax Bill: $3,438
2019 Average Residential Tax Bill: $2,941
9. Dennis, Cape May County
2018 Average Residential Tax Bill: $3,043
2019 Average Residential Tax Bill: $3,185
10. Salem, Salem County
2018 Average Residential Tax Bill: $3,167
2019 Average Residential Tax Bill: $3,232
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