The New Jersey Homeowners Guide to Property Taxes was created by the New Jersey Society of Certified Public Accountants, in partnership with New Jersey Realtors and the Association of Municipal Asset Property taxes are top of mind for many New Jersey homeowners. The state has the highest property taxes in the nation, with an average property tax bill of more than $8,400, and recent federal tax law changes limiting the annual deduction for state and local taxes to $10,000. Moreover, homeowners have questions about where their tax dollars actually go and how taxes are broken down in their taxing districts.
All of these factors led the New Jersey Society of Certified Public Accountants (NJCPA) to team up with New Jersey Realtors® and the Association of Municipal Assessors of New Jersey to offer Garden State residents this comprehensive guide to understanding property taxes. The guide answers everyday questions homeowners have about how their home's value is assessed, how their tax bill is created, and where tax dollars get allocated.