September 26, 2009
The Press of Atlantic City Interviews Tax Foundation Senior Economist Gerald Prante on Property Taxes
"Property taxes, education rank high in New Jersey"
By Kevin Post
The property tax burden falls on area homeowners more heavily than almost anywhere else in the nation.
In fewer than 2 percent of counties in the U.S. do property taxes take a bigger bite out of homeowners' incomes than they do in Atlantic County.
The chief reason is that, as reported earlier this week, New Jersey has the highest property taxes in the nation, according to the Tax Foundation in Washington, D.C. And in southern New Jersey, incomes are significantly lower than in the northern part of the state. ...
Gerald Prante, an economist with the Tax Foundation, said the best taxes are those that are broad-based and neutral—ones that "don't try to cherry pick winners and losers."
From the foundation's point of view, he said, taxing property is a pretty good method for raising needed money.
"People don't like the tax, and it's politically unpopular, but it's a good tax for local governments to do," Prante said.
