New Jersey Property Tax Information
New Jersey adopted property tax laws in 1947, and all real property is subject to taxation except for a few types of establishments. Over the years, New Jersey has implemented various legislative actions that exempt certain types of properties from taxation and define the type of tax allotted to each type of property. Like many other states, the rate at which commercial and industrial property is taxed is different from the rate at which personal property is taxed. However, in New Jersey, the amount that business owners pay for the commercial and industrial property taxes may vary according to the type of business conducted.
Property Tax Exemptions
At current, farmland property and housing that was created in compliance with COAH are property types that aren’t subject to the same type of taxation as others. These types of properties are taxed at lower rates in an attempt to encourage both agricultural and urban growth in the state. With more residents and agriculture comes more revenue and development for the state. Additionally, government-owned property, religious properties, educational ones, charitable ones and other nonprofit ones usually aren’t submitted to property tax in the state.
Business Equipment Property Taxes
When it comes to commercial and industrial tax in New Jersey, basically, a tax is levied on any equipment a property owner has that he or she uses for business or revenue-generating purposes. Different sales taxes are imposed in New Jersey depending upon the type of business that an owner runs, and if a person has to charge sales tax on his or her goods or services, then it can be assumed that he or she is operating a business and will have to pay a commercial and industrial tax on the equipment used in the business.
Property Tax Incentives
There are various business tax credits and exemptions that property owners can take advantage of, though, depending upon the specific industry he or she works in. For instance, while some farmland equipment might be subject to tax breaks, so does some equipment if it lends in the creation of new jobs, urban transit, environmental friendliness and much more.
Assessment Technology Experts
Assessment Technology experts are familiar with all things relating to property tax. They can help business owners ensure that they are taking advantage of all New Jersey tax credits and exemptions that they are eligible for. Additionally, it is not uncommon for property to be valued at a higher rate than it should be, and property owners can fight those valuations. Assessment Technology experts utilize a unique valuation formula to value commercial and industrial property at fair rates, and property owners who believe that their property was assessed at higher values than it should have been can turn to Assessment Technology experts for assistance to appeal the valuation.
Assessment Technology experts will fight aggressively to prove that a client’s property was over assessed by providing assessments of similar properties in the area that were assessed at lower rates and any other documentation necessary to help clients receive a reduction in their property taxes. They can do everything from filing a tax appeal to conducting free property tax evaluations.
New Jersey Property Tax Resource: website