In New Jersey, spared by Sandy but paying the price in taxes

BARNEGAT, New Jersey (Reuters) - Philip Checchia's home in Barnegat, New Jersey, escaped undamaged from Hurricane Sandy in October, but the 67-year-old is bracing for a different kind of storm damage - higher property taxes.

New Jersey home owners already pay the highest taxes in the country, with the revenues going to fund schools, police, firefighters, roads, and building projects. When the value of taxable property drops in one area, the burden often shifts to others to make up the difference.