TRENTON – The Murphy Administration March 4 released the calendar year 2019 property tax data for New Jersey’s municipalities, revealing the third smallest two-year tax increase on record, which is well below historical five- and ten-year averages.
According to a release, the figures also show the smallest two-year property tax increase under any governor in their first two years in office on record.
Additionally, the data reveals a nearly flat property tax increase in 2019 of .07
percent when adjusted for inflation.
The tax data tables also show that tax ratables rose 2.1 percent statewide since 2018, an increase above the five- and 10-year historical averages, with total ratables now at $1.09 trillion.
The majority of municipalities in the state had average residential property tax decreases or increases under 2%.
“We’re delivering on our promise to provide property tax stability while restoring New Jersey’s fiscal standing and growing our economy,” stated Gov. Murphy. “Statewide property values have grown more in the first two years of my administration than at any point since the Great Recession. That’s what we call progress.”
In a multi-faceted approach to help control property taxes, the administration is allocating hundreds of millions of dollars of constitutionally-dedicated taxpayer funds for more school aid, lowering the cost of health care for public employees, supporting more shared services between local governments, and more fully securing the long-term stability of New Jersey’s pension system.
“We understand how important the issue of property taxes is to hardworking people in New Jersey. Governor Murphy and I want you to know that we hear you and we are taking measures to ensure tax fairness for everyone, including our working class and middle-class neighbors,” stated Acting Gov. Sheila Oliver, who serves as Commissioner of the Department of Community Affairs (DCA).
To view the 2019 property tax data on the DCA website visit: https://bit.ly/3asShmB
