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Jersey City finalized its property tax rate in October 2022 and set the rate at 2.118%, which represents a 32% increase over 2021.
Cape May County, NJ Property Tax Information Municipality2022 General Tax Rate2022 Average Tax BillCape May1.032$6,874Cape May Point0.705$5,063Dennis1.765$3,289Lower1.871$4,38112 more rows Mar 28, 2023
The minimum combined 2023 sales tax rate for Cape May, New Jersey is 6.63%. This is the total of state, county and city sales tax rates. The New Jersey sales tax rate is currently 6.63%.
New Jersey Property Taxes The average effective property tax rate in New Jersey is 2.26%, compared with a national average of 0.99%. When combined with relatively high statewide property values, the average property tax payment in New Jersey is over $8,700.
New Jerseys real property tax is an ad valorem tax, or a tax ing to value. All real property is assessed ing to the same standard of value except for qualified agricultural or horticultural land.
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The tax levy is divided by the total assessed value of all taxable property within the municipality-or the tax base - to determine the general tax rate. The general tax rate is then applied to the assessed value of each individual parcel of property to determine the property owners tax liability.
There are no property taxes in Jersey apart from income tax on Jersey-source property income, stamp duty on Jersey real estate, land transaction tax on some Jersey real estate, and rates levied by each parish.
Tavistock had the highest average property tax bill in New Jersey in 2022 at $29,996, a decrease of $719. While technically a municipality, this borough remains in a category all its own.