If you think that everything is great in the U.S. economy, maybe it’s not. At least in New Jersey. While many residents are frolicking on the Jersey Shore, Toms River schools, one of New Jersey’s largest districts, voted to file for Chapter 9 bankruptcy after refusing to raise property taxes another 12.9 percent. This comes after last year’s 9.3 percent increase, totaling a crushing 22 percent hike over two years for homeowners. When you talk about affordability or the Fed controlling inflation, think about issues like this. State officials had ordered the district to either pass this budget or shut down all programs immediately. Over seven years, New Jersey’s school funding changes slashed $175 million from Toms River’s budget. Residents already pay some of America’s highest property taxes, with schools consuming over 50 percent of local tax bills in many towns. Meanwhile, multimillion-dollar home sales in NJ will be subject to a tax under the New Jersey “mansion tax” as part of a new bill that was passed in tandem with the state’s $58.78 billion fiscal year 2026 budget. Taking effect on July 10, this new bill shifts the burden of the mansion tax, as well as the state’s controlling interest transfer tax for commercial properties, from property buyers to sellers. It also maintains the original 1 percent fee for home sales worth $1 million to $2 million, but now also implements higher fees for increasingly expensive properties. It seems everything is going up in cost.