While taxes are high, there are a few property tax relief programs, including a deduction for senior citizens, disabled persons, veterans, tax freeze for seniors and the homestead benefit program. An example of disparate taxes across the state is Cape May County’s effective tax rate of 1.51% compared to Camden County’s 3.46% rate. Each school district levies taxes as well as the municipality and county. Taxes vary between counties and cities more than you might think. Once that’s determined, New Jersey’s Division of Taxation adds an equalization ratio to ensure that the value is fair and that everyone pays a fair share.
If you own a home in the Garden State, your property’s value is determined by a local assessor. The state doesn’t collect any of the property taxes everything that homeowners pay goes directly to local governments. Overall, the average annual property tax bill paid in New Jersey is about $8,796 which is again the highest in the country.Įach municipality in New Jersey has its own tax rates. Most property values are pretty high in this Northeastern state, which means correspondingly larger tax burdens. While the national average effective tax rate is about 0.99% of your home’s value, New Jersey’s rates hover near 2.26%. Property taxes in New Jersey are the highest out of all 50 states. The two biggest considerations are property taxes and insurance. There are a number of additional expenses to add on top of your mortgage principal and interest payments. Factors in Your New Jersey Mortgage Payment
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