NJ Real Estate Taxes
Real estate taxes in New Jersey are paid on a quarterly basis. The first quarter consists of January, February, and March. You pay your taxes in New Jersey in the middle month of the quarter. So, for the first quarter, your taxes would need to be paid on February 1st.
Many people ask me the question at the time of closing, “How do we calculate an adjustment for taxes.” Most people think that when they pay their taxes in February, they are paying taxes for February, March, and April, when in reality, they’re paying it for January, February, and March. They don’t realize that these are paid during the middle month of each quarter.
If you sold your house on March 31st and thought that you would be getting an adjustment for the taxes you paid in April, you really are not going to get an adjustment because the taxes are paid in the middle month. There would be no adjustment for the first quarter at the time of closing.
Real estate taxes in New Jersey are amongst the highest in the nation, at 2.29 percent of the value of your property. If you have any questions regarding the taxes you owe on your property, it is best to speak with an experienced New Jersey real estate attorney.
Joseph Gachko, Esq. is an experienced New Jersey attorney who can assist you in any of your real estate-related legal matters. If you require legal counsel for your real estate matters, please contact The Law Office of Joseph Gachko today to set up a consultation.