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Hawaii Property Taxes Article
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NJ Property Taxes – What You Need to Know
from:NJ property taxes are used to fund items like roads, police and fire support, public libraries, local school systems and local governments. Unfortunately for New Jersey residents, they pay the highest property taxes in the country.
Like in most states, the amount of NJ property taxes you’ll pay is dependent upon two factors: the value of your home and the millage rate. The local tax assessor will estimate the value of your home and send you a notice regarding the fair market value of your home. Taxation is based on 100% of the fair market value of your home. This is one of the reasons that NJ property taxes are so much higher than most other states; most other states do not tax you on the full value of your home.
Then, when the budget is created, the tax department will use the combined property values for the area along with the revenue requirements to meet the upcoming budget to determine the millage rate. Counties and cities must hold a public meeting before the millage rate can be raised, but it can be lowered at any time. The New Jersey Department of Taxation provides oversight to all local taxing authorities.
New Jersey ranks first among the states in terms of the amount of property taxes paid by its residents. The average homeowner in New Jersey owns a home that is worth $334,000 and pays about $5300 a year in New Jersey property taxes.
If you receive a notice from the tax department informing you of his determination of the fair market value of your home and you think it’s too high, you can make an appeal. Once you file your appeal, you’ll be given a hearing where you’ll be allowed to explain why you think the valuation of your home was too high. In turn, the tax assessor will explain how he arrived at his figure. If it is determined that your tax value is too high, you may receive a reduction in NJ property taxes owed. Taxes are paid in four equal installments during the year. Taxes are due February 1, May 1, August 1 and November 1.
New Jersey does offer a homestead exemption for some property owners to reduce the amount of NJ property taxes that must be paid. However, you must meet certain income levels to qualify for the homestead exemption. In addition, there are some special property tax “freeze” programs that are available to many senior citizens. Disabled veterans are exempt from paying property taxes, and other veterans qualify for some property tax relief programs.
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