The New Jersey Division of Taxation offsets this annually by determining an equalization ratio that ensures everyone in a tax district pays their fair share. Since these assessors may use different techniques, itвЂ™s possible that they undervalue or overvalue homes in their district. Home value is determined by assessors in New JerseyвЂ™s 565 municipalities. The amount a homeowner in New Jersey pays depends primarily on the value of his or her home and the total tax rates among all local tax authorities. Bills are paid annually across four installments, which are due on the first of February, May, August and November. Property taxes in New Jersey go entirely to local governments. Financial advisors can also help with investing and financial plans, including taxes, homeownership, retirement and more, to make sure you are preparing for the future. If you are looking to purchase a property in the Garden State, or if you want to refinance your current mortgage, check out our mortgage guide for information about New Jersey mortgage rates and other details.ДЄ financial advisor in New Jersey can help you understand how homeownership fits into your overall financial goals. When combined with relatively high statewide property values, the average property tax payment in New Jersey is over $8,400.ДonвЂ™t let the high property taxes scare you away from buying a home in New Jersey. The average effective property tax rate in New Jersey is 2.42%, compared with a national average of 1.07%. Rates in some areas are more than double the national average. Thinking about a move to New Jersey? Keep in mind that homeowners in the Garden State pay some of the highest property taxes in the country. New Jersey Property Taxes Photo credit: В©/KenKPhoto

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