In an effort to address questions that New Jersey homeowners have over how their property taxes are allocated and what’s at work when they pay their tax bill, the New Jersey Society of Certified Public Accountants (NJCPA) partnered with New Jersey Realtors and the Association of Municipal Assessors of New Jersey to publish the “New Jersey Homeowner’s Guide to Property Taxes.”
The guide provides a basic understanding of what’s in a property tax bill, how the process works from property assessment to fund disbursement, what comprises property tax rates and how billing works by quarter.
“It can be frustrating to homeowners to not understand how their property tax rate is set, what property taxes pay for and how much is allocated towards funding schools versus the rest of one’s town,” said Ralph Albert Thomas, CPA (DC), CGMA, CEO and executive director of NJCPA. “The guide is needed for many reasons but particularly as New Jersey has the highest property tax rates in the nation.”
“The basics of property taxes — especially in New Jersey — are something all homeowners should be educated on. We’re proud to partner with our fellow associations to help produce this comprehensive guide and for all current and future homeowners,” said Jarrod C. Grasso, RCE, CEO, New Jersey Realtors.
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