New Jersey always had high real estate taxes to fund public schools and local and county government. But until 1966, we had no sales or income taxes. And New Jersey gasoline taxes were the lowest in America. In 1966, started a new 3% state sales tax that was supposed to cut real estate taxes. However, real estate taxes increased.
In 1976, New Jersey adopted a new 2.5% state income tax that was also supposed to cut real estate taxes. However, real estate taxes went up anyway.
In 2016. New Jersey had high real estate taxes, high sales taxes, and high income taxes, but we still had the lowest gasoline taxes in America. That changed with Democrats and Chris Christie and Steve Oroho Republicans fooled New Jersey into voting for a “lockbox” Constitutional Amendment.
They promised voters that their “lockbox” would dedicate gasoline taxes to build and fix roads and highways. However, it instead bailed out roughly $1.3 billion of junk bonds of the insolvent NJ Transportation Trust Fund Authority. It also guaranteed automatic gasoline tax hikes almost every year to pay new debts of the Authority.
New Jersey now has the 8th highest gasoline taxes in America. Together with the highest real estate taxes in America. Plus high state sales and income taxes. New Jersey is now the highest taxed state in America.
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