The market value of your property.

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The cost of municipal and county programs and services.

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Extent of the presence of tax exempt properties in your local government.

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FACTORS THAT DETERMINES NEW JERSEY PROPERTY TAX LIABILITY

mortgage-interest-deductionThere are various factors that determine and help in computation of property tax liability. They change every year depending on the revenue authority of New Jersey. In the past, property taxes were levied on certain personal properties and real estates. The amount of tax levy is divided among all the taxable properties values in the local government to determine the general tax rate. These factors include:

The market value of your property.

The higher the value of your property, the greater the amount of tax liability. If your property increases in value after a certain period of time due to renovation or remodelling and all other properties remain the same way they were, your tax liability will increase. If the value of your property increases beyond its average appreciation value, this shows that the property represents a very large position of the value of the local government. This is the reason as to why it’s assigned a high portion of the amount to be raised through taxation.

The cost of local public schools.

By the local government paying large amount of funds to public schools to cater for the children’s education, you will pay high amount of tax. The more money they spend on funding the schools, the higher your tax level will be. Check out New Jersey Property Tax Records Here.

The cost of municipal and county programs and services.

670px-Select-a-Property-Tax-Attorney-Step-6If the local government spend a huge amount in delivering its services and programs, your tax will be high. This will keep on increasing as their services amount increases. The amount of tax is used to meet budgeted local government expenses such as school expenses, hospital and to fund other institutions government owned.

The availability of other revenues to cover those costs.

If the public schools and local government have no other source of revenue to cater for their expenses, your tax level will remain high. In case of inflation, if the local government has no other source of getting revenue in order to cope with the inflation level, your tax liability will be increased in order to cover for the expenses of the local government.

The value of all the taxable properties in your local government.

If there are many taxable properties such as commercial businesses in your local government, your tax liability will be low whereas if there are few taxable properties, you will pay a large amount.

Extent of the presence of tax exempt properties in your local government.

The local government may exempt previously taxable properties. This will make the amount of revenue collected previously to decrease and hence your tax liability will be increased to cater for the reduced amount. Also a local commercial business may be closed down leading to reduction in value if revenue collected hence your tax will be bigger. Visit http://www.searchnjtaxrecords.com/ for more information.