The mayor of one New Jersey town is actually moving out because he claims he can’t afford to pay the property taxes there.
Egg
Harbor Mayor Sonny McCullough bought his home in 1985 for about
$350,000 and according to him, now he is officially taxed out.
In
2012, Egg Harbor property taxes were increased by 60% making his home
now worth $1.1 million and that comes with close to a $35,000 tax bill.
Depending on which formula you use, New Jersey is either number one or number two in the country for pricey property taxes.
McCullough
said, “property tax is the unfairest tax in the world. It’s not based
on someone’s ability to earn money. It’s based on the property value.”
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