Property Ownership
In New Jersey, property taxes are assessed by:
AThe NJ Division of Taxation based on state-wide standards
BThe municipal tax assessor based on the assessed value of real property✓ Correct
CThe county clerk at the time of deed recording
DNJREC based on sales prices
Explanation
NJ property taxes are levied at the local level. The municipal tax assessor determines the assessed value of each parcel, and tax rates (expressed per $100 of assessed value) are set by each municipality.
Related New Jersey Property Ownership Questions
- In NJ, a 'possessory interest' in real property that does NOT include the right of ownership is called a:
- In NJ, property taxes that remain unpaid after the municipality's tax sale may result in the lienholder eventually being able to:
- In NJ, a property sold 'at the foreclosure auction' (sheriff's sale) transfers to the purchaser through a:
- Under NJ's Real Property Disclosure Law, which of the following conditions MUST be disclosed?
- In NJ, a 'profit à prendre' (profit) is the right to:
- In NJ, 'actual notice' of a prior ownership interest means a subsequent buyer:
- In NJ, when an individual dies intestate (without a will) and is survived by a spouse and two children, the spouse typically:
- A NJ 'land trust' (not to be confused with a conservation land trust) created for privacy in property ownership allows the beneficial owner to:
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