Every Property Tax Exemption in NJ Explained
Reducing property taxes is important for your budget, especially if you live in New Jersey, which is one of the states with the highest property tax rates—2.19%. In 2019, New Jersey citizens paid around $8,861 in property taxes.
Understanding Property Taxes in New Jersey
When you are a property owner, you have to pay taxes on that property. After a property tax assessment, the assessor determines your property’s value and multiplies it with the local tax rate to calculate your tax bill. Even if the value of your property isn’t that high, considering the high tax rates in New Jersey, you probably won’t be happy with your bill.
NJ property taxes are the main source of revenue for:
- Education costs
- Police departments
- Community services
- Maintenance services
- County and municipal expenses
Types of Property Tax Exemptions in New Jersey
Property tax exemptions exclude a portion of your home’s value from being taxed. New Jersey offers different tax relief programs—not only typical exemptions but also deductions of $250 and deferments or postponements of tax payments.
Here are the programs that can help you lower property taxes in NJ:
- $250 veteran property tax deduction
- 100% disabled veteran property tax exemption
- Active military service property tax deferment
- $250 property tax deduction for senior citizens and disabled persons
NJ Veterans Property Tax Exemption
If you want to receive a veteran property tax deduction, you need to:
- Be a homeowner
- Be a legal resident of New Jersey
- Have active duty service in the U.S. Armed Forces with an honorable discharge
NJ Property Tax Exemption for Disabled Veterans
To qualify for the 100% disabled veteran property tax exemption, you need to meet the following requirements:
- Being a legal New Jersey resident
- Owning and occupying your property as your primary residence
- Having active duty service in the U.S. Armed Forces
- Being honorably discharged
Active Military Service Property Tax Deferment
You may be eligible for the active military service property tax deferment if you’re a serviceperson who was deployed or mobilized for active service in time of war. Once your deployment is complete, you need to pay your property taxes within 90 days.
Property Tax Deduction for Senior Citizens and Disabled Persons
The property tax deduction for senior citizens and people with disabilities covers $250. To be eligible for this deduction, you should:
- Own and live in your home
- Stay within the income threshold
- Be a legal NJ resident for at least one year
How Else To Reduce Property Taxes in NJ
If you live in your primary residence or if you’re a senior, you can also count on other tax relief programs besides the exemptions and deductions, including:
Being a senior or living in your home won’t automatically make you eligible for a tax reduction. Here’s an overview of the eligibility requirements that you need to meet to qualify for these programs:
How To Reduce Property Tax in NJ With DoNotPay
Managing your property taxes in New Jersey can be a convoluted process. While there are many tax reduction options, the eligibility requirements and the application process seem like too much to handle.
Our guide consists of two parts:
|Tax Exemptions||Property Assessment Appeals|
To get your hands on the valuable Property Tax guide, follow these instructions:
- Open DoNotPay in any web browser
- Locate the Property Tax feature
- Answer questions about yourself
- Provide the necessary info about your property
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