NJ property taxes are used to fund items like roads, police and fire support, public libraries, local school systems and local governments. Unfortunately for New Jersey residents, they pay the highest property taxes in the country. Like in most states, the amount of NJ property taxes you’ll pay is dependent upon two factors: the value of your home and the millage rate.
The local tax assessor will estimate the value of your home and send you a notice regarding the fair market value of your home. Taxation is based on 100% of the fair market value of your home. This is one of the reasons that NJ property taxes are so much higher than most other states; most other states do not tax you on the full value of your home.