Just last week Christie ordered Monroe Twp to return $500K to taxpayers for going over the 2% property tax cap.
Go to NJ.com and search "Monroe taxes". The first article should be "Gov Christie orders Monroe mayor to cut taxes....."
I'd post link but can't off my android.
Apparently several townships did put it to a ballot vote to allow residents to override the cap or they would have to cut either specific town services, cut back on employees etc.
If your taxes went up that much either your municipality did that or I think they are in violation too.
Francesca Patrizio, Broker Sales Associate, ePro, SRES
The hard truth is that property taxes go up in EVERY township in New Jersey (and in other states as well for the most part). However, our Governor signed a law (I think in 2010) which limits the increases to a max of 2% annually (down from 4% under Corzine)
However, with the mortgage interest rates SOOOO low, (almost ridiculously low), it more than makes up for the property tax increases, and the interest rate remains the same for the life of your loan (or until you sell)
So, knowing this, does it help you make a decision to buy or not to buy???