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NJ Property Tax

NJ Property Tax is applicable to all real property in the state of New Jersey unless specifically exempted by the law. It is the cities and townships in NJ that levy and collect property tax after performing a comprehensive assessment of all property in their jurisdictions. The assessment of real property, which is based on 100% of its fair market value, is done by qualified assessors. The assessed value of a real property is multiplied by a general tax rate to calculate property tax in New Jersey. The county boards of taxation supervise and review the whole process of property tax assessment and collection.

New Jersey Property Tax Laws

The property tax law of the state provides benefits in taxation for both homeowners and tenants through various kinds of NJ Property Tax Rebates. If you own and occupy a home in the state of New Jersey and have gross income of $150,000 or less for the year 2007, you may be qualified for NJ Property Tax Rebate 2007. Subsequently, your property taxes will by reduced and you will either be provided with a homestead rebate check or a credit on your property tax bill. Even tenants can get a property tax refund in the same way.

NJ Property Tax Records

As a responsible citizen, property owners are required to check their property tax records and make timely payments. All real property are assessed and a database is maintained with records of real property, assessed value and owners etc. You can log on to the official sites of taxing authorities to look up a specific record of real estate in New Jersey .

In case you are not satisfied with the assessed value of a property you own, you can make an appeal for that before the concerned authority. The official website of the New Jersey Department of the Treasury can provide you a lot of information regarding NJ Property Tax Rebates, Refund, Assessment, Freeze, Search, Record, Reform, Rate, Rebate 2007 and 2008 etc.

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