NJ Spotlight has created a tax map which displays the average 2011 tax burden for property owners by municipality, and how that may have changed since 2009. According to the Tax Foundation, since 2009 New Jersey’s median property taxes are the highest in the nation, and the state also ranked first when comparing property taxes as a percentage of home value, and as a percentage of median income. To view the interactive map, click here.
In New Jersey, property taxes are calculated by multiplying a property’s assessment by the municipality’s tax rate. The property tax assessment is supposed to reflect the fair market value of the property, but many residential and commercial properties in New Jersey may be assessed based on inflated market values. One way property owners can realize relief from inflated assessments is by challenging the assessment by filing a tax appeal. The deadline to file a tax appeal for 2012 is April 1, 2012. Property owners should have received their notice of assessment in the mail, and now is a good time to evaluate whether a tax appeal is warranted.
For more blog posts on the effect of property taxes in New Jersey, please see the following:
- Home Prices Falling but Property Taxes Going Up? (taxdebthelp.com)
- Star Ledger Reports: Finally Some Property Tax Relief! (realestatetaxappealsnj.com)
- Appealing Your Property Tax Assessment (ortingjohnlscott.wordpress.com)