Khürt Williams

Follow @khurtwilliams on Micro.blog.

@jsonbecker New Jersey has the highest average real estate property tax. 2.47% of our home value in paid in municipal property tax. When we bought the house that tax was just over $5000, but due to rising house values, it is now over $11,000. We get no additional value for those extra taxes as my kids no longer attend school. I can’t imagine it feels great for retirees who’ve finally paid off a mortgage but still pay thousands in yearly property taxes.

New Jersey has a 6.625% state sales tax (reduced from 7%). All revenues are deposited in the State Treasury for general state use; nothing goes to municipalities.

My wife and I are working and paying 35% of our earnings in federal taxes. In New Jersey for earnings between $75,001 and $500,000, the tax rate on every dollar of income earned is 6.37%. Including property taxes, 43.7% of our earnings goes to taxes. So when I hear, let’s tax wealth, it feels like we are engaging in manorialism with the state.