And this has a negative effect on the gentrification of New Jersey. We must reverse this trend with the elimination of property taxes for primary residents of New Jersey.
Elimination of property taxes may have the effect of raising land and housing values. This is a double edged sword because while those already in ownership benefit, those seeking to buy will find higher prices and some people may be priced out of the market altogether.
However I suspect, and expect, that the above effects would lead to a building industry focusing on smaller dwellings, town-homes, and condominiums rather than the mega-mansions favored during the 1990’s and early 2000’s. This new trend would create more energy efficient homes, more practical, and would cause less suburban sprawl.