The tax was strategically designed to affect as few people as possible. There are just not that many people with an AGI over $500K, even in NJ.
It is probably the property taxes that are the biggest driver.
That’s what I’ve been seeing. The property taxes are outa control.
“It is probably the property taxes that are the biggest driver.”
Definitely; in my town (not wealthy by any stretch) people pay a small apartment’s rent worth of property taxes EVERY MONTH. People can’t retire here because you pay that long after you own the house outright, and freezing taxes for seniors doesn’t help when they are frozen at $10K+ on a one-family home. Not many people (unless they are retired government workers) can pay nearly $1,000 in property taxes each month when they retire, and you have to pay the higher taxes up front and get a rebate a year later...