New Jersey Property Tax Calculator

How New Jersey Property Taxes Are Determined

Each county in New Jersey uses its own assessment process to set property tax rates based on your property’s assessed value. While property tax rates are determined by local government agencies, they are generally used to fund schools, public services, and infrastructure within the county. These taxes stay local, meaning they go toward essential services that improve local quality of life, rather than being allocated to state or federal budgets.

Estimating Your Property Taxes

To get a rough estimate of your property taxes, you can use a property tax calculator based on typical rates in your area. Remember, this is an estimate only, as property tax amounts vary based on the unique attributes of each property and the specific assessment conducted by the county assessor’s office. For an exact figure, contact your county tax assessor’s office.

Are You Overpaying on Your Property Taxes?

How to Check if Your Property is Overassessed

It’s estimated that around 25% of U.S. homes are overassessed, potentially costing homeowners more than they should pay. If you believe your home’s assessed value is high compared to similar properties, you might be able to appeal the assessment. Many New Jersey counties offer options for challenging assessments, where you can compare your property’s valuation to similar homes to see if a tax appeal could save you money.

New Jersey Homestead Exemptions and Property Tax Relief

Eligibility for Homestead Exemptions

For many homeowners, a homestead exemption can help reduce property tax burdens. In New Jersey, primary residences are often eligible for exemptions that lower the appraised valuation, resulting in reduced taxes.

Additional Exemptions

New Jersey also offers specific exemptions for veterans, seniors, or low-income households. Contact your county assessor's office for more information on available exemptions and how to apply.

Property Tax Deductions

Federal and State Property Tax Deductions

New Jersey residents can often deduct their property tax payments on their federal income tax returns as an itemized deduction, offering some relief on annual taxes. Additionally, New Jersey state tax rules may provide deductions for local property taxes on state income tax returns, helping to ease the tax burden on homeowners.

What Happens If Property Taxes Go Unpaid?

Property tax liens are placed directly on properties, which can lead to additional fees or, in severe cases, foreclosure. It’s important to stay current with payments or explore any available exemptions or assistance programs to avoid issues.