Mayor Voting with His Feet: Selling house because his taxes are too high

The mayor of Egg Harbor Township is selling his home after a revaluation in his municipality caused his taxes to increase 60% to over $31,000.  The home was assessed in 2012 for $463,800, which equated to a market value of roughly $750,000.  The new assessment values the home at $1,100,400.  Currently five homes are on the market in his neighborhood with an average price of $1.3 million which suggests that the new assessments may be too conservative because the asking prices are about 60 percent higher than the new assessments.  McCullough plans to look for a place in Egg Harbor’s West Atlantic City section, but has a back-up plan in place—relocating to his 1,200-foot waterfront condominium in North Palm Beach, Florida where the taxes are only $2,569.

For articles discussing the topic, please see the following:

Egg Harbor Township mayor priced out of home by taxes

Egg Harbor Township mayor is selling his home because taxes are too high, report says

Sandy damage complicates Egg Harbor Township revaluation; even the mayor has filed an appeal

For articles discussing actions taken by other property owners because of high property taxes, please see the following:

High property taxes force owner of historic Ocean City mansion to knock it down – Star Ledger

High taxes force demolition of Ocean City estate – Press of Atlantic City

For previous blog posts on property taxes, please see the following:

Will Income Tax Be Used to Offset Property Taxes?

Senate Passes Tax Appeal Reform for Monmouth County

Property Owner Keeps Tax Abatement After Municipality Failed to “Turn Square Corners”