Detrimental effects of the Property Tax

  • High Property Taxes are driving people out of the state
    • Tens of thousands of taxpayers are leaving New Jersey.
      They can no longer afford to live here. It is as simple as that. The sad part is these folk are being forced to leave family, friends and memories of a lifetime not because they want to but because they can no longer afford to live and pay property taxes.
  • It robs low, no and middle income home owners of much needed money to support basic living and home upkeep.
    • The ability to maintain one’s home is often inhibited or even impossible due to limited or no extra income after paying for basic necessities.
    • The ability to purchase such basic needs as appliances or an automobile is reduced or not possible.
    • The ability to afford regular healthcare, medical insurance or even medicines is reduced or not possible.
  • Home improvements are made unaffordable or are discouraged.
    • Funds necessary for a new addition, a new roof, to update or remodel a kitchen or a bathroom is not there because heavy property taxes have consumed them.
    • Home improvements are discouraged. Even if affordable today, home improvements result in higher property taxes. That is, one is penalized in the form of higher taxes for improving their home and neighborhood.
    • If one reads the handwriting on the wall that says property taxes are going to consume a huge part of future income, they conclude they will never be able to afford to remain in their home (or possibly even the state) in their retirement years. This discourages or necessitates unnecessarily sinking money into those things which they will not be around to enjoy in the years to come.
    • There is a negative impact upon the local economy due to homeowners having less money to spend on improvements or even necessities such as appliances, a new or used car, etc. Free up that money and you will create jobs and economic growth.
  • The emotional stress put upon families has devastating affects.
    • The fact that one lives in fear of losing their home if their financial circumstance radically changes can ruin health. This, in turn, leads to losses in productivity in the work force.
    • The stress of wondering if one will always be able to afford to pay their property taxes can severely affect spousal and other close personal relationships.
    • The emotional stress for those in their old age due to fear of losing the home of their lifetime along with friends and family has a hugely adverse affect upon their health.
    • Property taxes reduce or eliminate the ability of older home owners to afford supplemental health insurance. This, in turn, stresses the state budget through services which now need to be provided.
    • High property taxes reduce or eliminate the ability of the elderly to afford their medicines. Many are often put in the position of deciding whether to pay for food or utilities or medicine.
    • The affects of stress is proven to have severe, adverse affects upon health. This, in turn, impacts society as a whole.
      • There are losses of productivity at work.
      • There are increased costs for government supplemental services.
      • There are increased premiums for health insurance for all.
      • Personal relationships are affected.
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