Is New Jersey Governor’s Defeat Sending Property Tax Signals?

Are last night’s election defeats the beginning of a propety tax rebellion of sorts?

high propety taxesNew Jersey voters may be the first of many to be sending strong property tax protest signals.

The defeat of Governor Corzine, who was presiding over the state with one of the highest property tax rates in the country, may be a strong indicator that homeowners, real estate investors and landlords have had enough.

We’ve talked a lot about property taxes in this blog, and for good reason.
Taxes are killing many of us as we invest in real estate.
I live in Tennessee, Davidson County- Nashville, and our taxes have gone way up in recent years.

We were told to just take it because we were still lower than Charlotte and other progressive cities.
Yeah, right.
That’s an old copywriter’s trick; comparing apples to oranges.

Meanwhile, some of our hard earned sales tax money from Davidson County is being siphoned to other counties across the state to help boost their schools. I’m still trying to figure out if that’s really constitutional. I know it’s unfair.

But we all have our problems, excepting the biggest property tax mayor of all, our old friend Mayor Bloomberg of New York City.
He just got re-elected again for the third time at an estimated cost out of his own pocket of $100 million.
That’s according to the New York Post.

So what’s my point?

I think property taxes are reaching a saturation point across the country. I may be reading more into the New Jersey election that I should, but I don’t think so.

Local governments are going to have to gone up with other ways of raising revenue. Squeezing the golden geese who’s squawks have been ignored for far too long, isn’t going to cut it any more.

Some elected officials may have more than a few tea parties to be worrying about in 2010.

Here are some more interesting sources about last night’s elections.

New York City election

Defeat of Corzine

Economic discontent among voters

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