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Bingo, Other/Just Looking in 07620

How tax is calculated?

Asked by Bingo, 07620 Fri Jan 28, 2011

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Wendy Dessanti’s answer
Hi, You've received some great answers. One very important thing to keep in mind in considering the assessment of a property in a community and the resulting taxes is what the assessment is based upon..another words some communities are at 100% valuation or close to that and some communities might be at as low as 42%, that is in Bergen County where I am a realtor. So you need to know and understand what the assessment is based on..sometimes called an equalization rate. You should also know what year the assessment was done to see if it's accurate or might possibly be appealed. Also, some communities may have very low taxes since there is significant amount of business ratables which helps support the residential taxes. Towns like Paramus and Englewood Cliffs are perfect examples. Towns may also have low taxes if their services are limited in towns like Alpine where they don't have their own high school. Of course, most of these towns have high selling prices. You have to consider that too.
Unfortunately, taxes are increasing. In New Jersey though, the Governor has made an initiative that communities should not be allowed to raise property taxes more than approximately 2% per year.
Hope this information is helpful to you. Please let me know if I can assist you, Wendy
1 vote Thank Flag Link Sat Jan 29, 2011
In Virginia property taxes are based on the properties tax assessment. Each city or county, (in Virginia you either live in a city or county not both), determines the amount of property tax to charge. Amounts are based on ammenities provided by the city, amount of waterfront, number of homes etc. and applied per $100 of property assessment. For example, if you live in a home assessed at $350,000 and the tax per $100 is $1.05 then your yearly taxes would be $3,675.
1 vote Thank Flag Link Sat Jan 29, 2011
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.

Laura Giannotta
Keller Williams Realty - Atlantic Shore
1 vote Thank Flag Link Sat Jan 29, 2011
0 votes Thank Flag Link Sat Jan 29, 2011
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