Property Tax Lawyers in Princeton

Princeton, New Jersey laws require that most owners of real property pay taxes on its value. "Real property" refers to building and land, and objects (like natural resources) that are permanently adhered to the land.

Princeton, New Jersey determines property taxes simply by taking a percentage of the property's value. Typically, they are paid on a yearly or monthly basis.

In general, the federal government does not impose any property tax. Normally, property tax is imposed by state, county, and municipal governments.

How Property Tax is Calculated in Princeton, New Jersey

Typically, Princeton, New Jersey property taxes are determined as a percentage of the property's value. Tax rates vary widely, but they normally run from less than 1% up to about 5%.

To collect the property tax in a fair and consistent manner, Princeton, New Jersey tax authorities need to have an objective formula for determining the value of land under its jurisdiction.

Value, in some ways, is not an objective thing. For example, your childhood home is probably worth much more to you than its simple market value. However, the tax authorities use only objective factors in calculating a home's taxable value.

To this end, the Princeton, New Jersey appraiser will look at things like the state of the real estate market, the size of the land, the presence of additions to the land such as buildings, and the way in which the property is zoned.

How A Princeton, New Jersey Property Tax Attorney Can Help.

The property tax system in Princeton, New Jersey can get pretty intricate. There are several reasons why you might run into a legal dispute regarding your property tax. For example, you may believe that the appraised value of your property was too high, increasing your tax burden unjustly. Or, the state might accuse you of failing to pay your property tax.

If you are engaged in a property tax dispute with the tax authorities of Princeton, New Jersey, you should seek the assistance of a Princeton, New Jersey tax attorney. Your attorney can help you prevent a small tax problem from turning into something much bigger and more expensive than it needs to be.