I assume you're talking about property taxes. Property taxes in New Jersey are based on the value of the land and the 'improvements' which is a different name for your home. The total of land value and improvements gives you the assessed value.
Assessed value is the figure used by a municipality to determine taxes on a particular piece of property.
Your total property tax obligation in New Jersey is based on combined operating cost figures from county and municipal governments, school districts and sometimes fire districts (taxing authorities). There is no tax on property that reverts to the state government.
So when the taxing authorities determine each of their budget needs, a tax rate is set by combining these figures. It's usually expressed in dollars per $100.00 assessed valuation. Then get out your calculator, and you'll have the total tax liability.
If you have further question about ta calculations for your community or county, get in touch with your local tax assessors office or the county assessors office.
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