Local Property Taxes In New Jersey - A Primer
LESSON ONE
First Remember that:
THE LOCAL PROPERTY TAX in New Jersey is in fact a LOCAL TAX.
This means that the tax is assessed and collected at the local municipal level for the support of:
LOCAL SCHOOLS
MUNICIPAL GOVERNMENT
COUNTY GOVERNMENT
THE STATE RECEIVES NO PORTION OF THESE PROPERTY TAXES.
As a matter of fact the State pays out 48
Tags: Ad Valorem tax, local tax, property tax, ratio, residual tax, revaluation, State aid, tax rate
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