BUSINESS & ECONOMY

Know Jersey Finances: What do your property taxes go toward?

BY Rhonda Schaffler, Correspondent |

It seems that every year in Trenton, property taxes are a hot topic. How can they not be, given the amount of taxes paid in New Jersey? But even with the constant chatter about property taxes, a lot of homeowners have questions about exactly where their tax dollars are going.

In fact, accountants across New Jersey were getting so many questions about taxes, that the New Jersey Society of Certified Public Accountants, NJCPA, created a Guide to Property Taxes to shed some light on the topic.

After tallying up the dollars, the NJCPA found on average, 53 percent of your tax bill goes to support your local schools, 29 percent supports your municipality and another 18 percent supports your county government.

NJCPA hopes the guide will assist policymakers and politicians who have to make some difficult choices on taxes. We’re hoping you’ll benefit from it, too. In the first of our three-part web series Know Jersey: Finances we’re going to take a deep dive on your property tax bill, explaining how tax levies are calculated and assessed.

Send your questions using the form below and make sure to watch live Feb. 13 at noon to learn more about property taxes. We’ll arm you with knowledge ahead of what will surely be renewed debate on property taxes as budget season is about to begin in New Jersey.