Transfer Of TitleTaxesEASY
New Jersey property taxes are based on:
Correct Answer
B) Assessed value set by the municipal tax assessor
Property taxes are based on the assessed value determined by the municipal tax assessor, which should reflect market value.
Answer Options
A
Purchase priceB
Assessed value set by the municipal tax assessorC
Square footageD
Income generatedAudio Lesson3 min
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Related Topics & Key Terms
Related Topics:
property-assessment-processtax-calculation-methodsmarket-value-vs-assessed-value
Key Terms:
New Jersey property taxassessed valuemunicipal tax assessorad valorem taxationN.J.S.A. 54:4-23
Related Concepts
Many states have laws to limit how much property taxes can increase each year, regardless of market value fluctuations.
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