Think YOUR property tax is bad? Check out these three NJ businesses!
Yes, property taxes in New Jersey are no joke. They are killing most families and it should be the number one concern for anyone running for elected office. But when we think of property taxes most of us think of residential property taxes. What about commercial properties?
CommercialCafe.com crunched the numbers of property taxes across the nation to come up with the top taxpaying buildings. You might be happy to know the three highest paying commercial properties in the Garden State are giving up millions in property taxes. They are as follows:
3rd highest: The Mall at Short Hills. Their annual property tax bill is $15,078,000. To put it into Short Hills perspective, that's enough to buy a Porsche and pay half a million round trip tolls between the Delaware Memorial Bridge and exit 18E on the NJ Turnpike. Nationwide it ranks as the 92nd most expensive commercial property tax.
2nd highest: Harrah's Resort Atlantic City. Ranking 70th nationwide and 2nd in New Jersey, they pay $16,901,373 in property taxes. That's enough to get 2,112,671 of your closest friends onto the beach at Seaside Heights. But not enough to beat number one, which is...
1st place goes to Borgata Hotel, Casino & Spa Atlantic City. Out of all commercial buildings in the United States they rank 45th most expensive in property taxes and number 1 in the state of New Jersey. Their annual property tax bill is $23,030,497. That's enough to pay my own property tax bill 1,599 times over.
Feel better now? No, probably not, and I get it. These businesses may be paying 1 to 2 thousands times what you are in property taxes, but they are likely out earning you by more than 1 or 2 thousand times. For example the Borgata reported $216,000,000 in gross operating profit in 2015.
Now if you'll excuse me I'll go back to searching my sofa cushions for a way to pay my property tax bill.