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I don't see any wealth tax hitting home values

I don't know about home values, but NJ has what they call a McMansion Tax. When you sell, the state collects taxes in addition to income taxes on gains over a modest sum.

Hence, you are trapped paying higher taxes. You can declare residency in another state (as with a winter home in Florida) to avoid state income tax, but if you own real estate they still get you.
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