There may also be additional tax rates that apply for specific purposes such as parks or libraries. Municipalities, counties and school districts all determine their own rates. Property tax rates in New Jersey vary significantly by city and county. The New Jersey Division of Taxation offsets this annually by determining an equalization ratio that ensures everyone in a tax district pays their fair share. Since these assessors may use different techniques, it’s possible that they undervalue or overvalue homes in their district. Home value is determined by assessors in New Jersey’s 565 municipalities. The amount a homeowner in New Jersey pays depends primarily on the value of his or her home and the total tax rates among all local tax authorities.
Bills are paid annually across four installments, which are due on the first of February, May, August and November. Property taxes in New Jersey go entirely to local governments. If you’re ready to find an advisor who can help you achieve your financial goals, get started now. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you are looking to purchase a property in the Garden State, or if you want to refinance your current mortgage, check out our mortgage guide for information about New Jersey mortgage rates and other details.Ī financial advisor can help you understand how homeownership fits into your overall financial goals.
When combined with relatively high statewide property values, the average property tax payment in New Jersey is over $8,700.ĭon’t let the high property taxes scare you away from buying a home in New Jersey. The average effective property tax rate in New Jersey is 2.26%, compared with a national average of 0.99%. Rates in some areas are more than double the national average.
Thinking about a move to New Jersey? Keep in mind that homeowners in the Garden State pay some of the highest property taxes in the country. New Jersey Property Taxes Photo credit: ©/KenKPhoto
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