In 2022, the average property tax bill for New Jersey amounted to $9,490, indicating a slight increase of over 2% from the previous year. The amount a homeowner pays is determined by the tax rate set by their municipality and the assessed value of their property, which varies depending on how each town calculates it.
The property tax bills can differ from county to county as each town has its own way of determining home values and tax rates. For instance, some towns estimate the value of a property based on its market value, while others consider the time since the last revaluation, which may lead to lower assessed values but often results in higher tax rates.
Mortgage rates climb to the highest level in a month
