photo credit: MTSOfan via photopin cc

photo credit: MTSOfan via photopin cc

Investment Advisory firm Regent Atlantic this week released a white paper showing that New Jersey, with the highest property tax burden in the nation was losing wealthy residents because of that tax burden, to Pennsylvania and Florida.  That news may not come as a surprise to wealthy residents of the Garden State, but the state’s sluggish economic recovery is being cited as one of the results of the negative distinction.   In a related story, Chicago Magazine this week reported that a study released by the Urban Institute, State and Local Finance Initiative and the Tax Policy Center, on the Residential Property Tax Burden in the US confirms New Jersey as tops in tax burden, with Illinois running a close second.  The magazine predicts Illinois will catch New Jersey soon and take over the #1 slot.