There's a quick and easy way to figure out approximately how much you'll have to pay in taxes if you were to buy and own a home in New Jersey.
The State of New Jersey Department of the Treasury has a formula, of sorts.
THE TAX FORMULA
Let's say your dream home is in Essex county, in the town of Glen Ridge, and costs $250,000. You would click on that above link, under the most recent year select your county (in this case Essex), then scroll down to your town (in this case Bloomfield).
Here's the equation: $250,000 Assessed Value multiplied by 0.03426 (for a 3.426 general tax rate) = $8,565
In other words: the amount you envision paying for your home x the general tax rate.
The General Tax Rate is used to find out the amount of tax levied on a property. It is the rate used to compute a tax bill. Please do not confuse this with the Effective Tax Rate. The Effective Tax Rate should not be used to compute a tax bill. The Effective Tax Rate can be used when comparing one district to another. Click here to view the 2015 tax rate sheet for all the towns in Essex County.
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