The Department of Finance is responsible for the administration of the City’s finances, assessment of all properties within the City’s boundaries, and the billing and collection of taxes and collections of water/sewer payments.
These functions are carried out through three divisions: Accounts and Treasury, Tax Assessment, and Tax Collection. Working within the prescribed statutory requirements and policies established by the New Brunswick City Council each division performs a specific group of tasks that collectively administer all aspects of the City’s finances.
Frequently Asked Questions about the Department of Finance
How is the value of my property determined?
The Tax Assessor’s Office places an Assessed Valuation, each year, on each property in the City. These valuations are based upon the Market Value of the entire property, including the value of the land, and the value of all of the buildings on it. For rental and income properties, the Market Value can be verified by applying a Capitalization Rate to the Net Operating Income of the property. For owner occupied, residential homes, the Market Value can be verified by analyzing the sales of comparable homes.
Can I receive reduced property taxes?
Yes, the State of New Jersey offers property tax reductions to veterans of war, low income senior citizens, and disabled persons.
Is anyone exempt from paying property taxes?
Yes, most hospital, school and government properties are exempt. Permanently and totally disabled veterans of war are also exempt from payment of property taxes.
Also, many religious and non-profit organizations own property that qualifies as exempt from local property taxes.
How do I apply for reductions/exemptions?
Forms may also be requested by telephone at 732.745.5011, fax at 732.565.7534, by mail, or in-person.
How can I receive information about the assessed value of homes in New Brunswick?
Public access to Tax Maps, Sales Maps and other sales information is provided at the main counter in the Assessing Office. Bound copies of the Tax List with both Street Name and Owner’s Name cross indexes for Block and Lot designations are also available.
Can I request information without coming to City Hall?
Yes. All tax list information is available at www.njactb.org. Property inquiries may also be requested by calling the tax assessor at 732.745.5011.
Deed references and SRI-A sales data are also available at www.njactb.org.
What information is made available?
The Tax Rate, Average Ratio, Property Location, Owner’s Name and Mailing Address, Block and Lot designations, Assessments, Taxes, Lot Sizes, Previous Sales, Building Type, Year Built, and Square Footage of the Improvements are all available.
What is market value?
Market Value is an estimate of how much money a property would sell for on the open market, at a certain date in time. Assessed Valuations in New Jersey are based upon the Market Value of each property on October 1st of the previous year (last year).
What determines market value?
The quality, size, age, condition, style, and appearance of a home or building, plus the functional value and convenience of extra bedrooms and bathrooms, fireplaces, air conditioning, finished basements, garages, decks, patios, porches, and similar features each contribute to the Value of the Improvements on a property. The location, size, shape, topography, view, and utilities available to a parcel of land are the key factors that influence the Value of Land in the marketplace. The combined Value of Land and Improvements determines the Market Value of a property.
When are Property Taxes Due?
Taxes are due quarterly to the Tax Collector’s Office based upon the following table:
PAYMENT ON TAXES
|1st Quarter||Due on|
|2nd Quarter||Due on|
|3rd Quarter||Due on|
|4th Quarter||Due on|
How do I make a payment?
Payments can be made by cash, check, or money order to the Tax Collector’s Office, 78 Bayard Street, New Brunswick, NJ 08901. Payments can be made through the mail or in person. Questions regarding payments can be directed to 732.745.5030.