Assessment Date

• Despite New Jersey's multiple counties and municipalities, the state uses a pre-tax assessment, or assessment date. The municipal property tax assessor must evaluate real estate by Oct. 1 each year. The assessor uses the "market" value, or the value a reasonable person would pay or sell the property for, to determine the value of the property. Some real estate, such as agricultural or horticultural properties, are not assessed at the same standard of value, according to the New Jersey Division of Taxation. In the event property owners disagree with the valuation of their properties, they must complete requests for appeal.
  
  

Appeals

• Property owners can appeal the valuation of their properties if they disagree with the market value assessment. The county-level tax board accepts requests for appeals if the property value is under $1 million; the State Tax Court hears cases in excess of $1 million. Property owners must file an appeal before April 1 or 45 days after Assessment Notifications are mailed, whichever is later.
  
  

Payments

• New Jersey requires property owners to pay annual taxes in four installments. Taxes are due Feb. 1, May 1, Aug. 1 and Nov. 1, according to the New Jersey Division of Taxation.
  
  

General Considerations

• New Jersey property taxes support the county, municipal and school costs and the state does not receive any portion of tax payments. Each county in New Jersey assesses taxes at a "true" value of 100 percent.