New Jersey residents have long complained about high property taxes (although they rarely discuss what they are willing to give up in government services to lower them). Now a group of economists working with the Organization for Economic Cooperation and Development (OECD) have concluded that property taxes are the best option for raising taxes to pay down debt.
The economists reviewed 34 years of economic history in 21 developed economies, and concluded that recurring taxes on property (including homes). Property taxes were the least likely to hurt growth.
The group admits such taxes are politically unpopular.