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Regarding the NJ Real Estate Tax increase cap of 2%.....how

is that calculated ie....
Regarding the NJ Real Estate Tax increase cap of 2%.....how is that calculated ie. tax rate of 3.00 increased by 2% is 3.06 or is it 3.00 plus 2.00 = 5.00. If it's the latter, then we are talking a 67% increase.
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2/26/2013
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
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Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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Thanks for asking your question! I'm sorry to hear about your tax issue and I'm going to try my best to help you understand or resolve it.

Thank you for your question, and thanks for using JustAnswer.com. It's increasing the 3% by 2%, not adding 2% to the 3%. However, the county can get around the millage rate cap by increasing assessed property values, effectively side stepping the rate cap.

Please let me know if you need anything additional. Thanks again for using JustAnswer.com and have a great night.

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You should be aware that your question, as with most tax questions, can never really be answered completely...addressing all the permutations; that is because of the many assumptions that have to be made I have done my best to determine what I think you are asking and answering it in the most direct and understandable manner possible. If, however, after reviewing the questions, you have any uncertainties or further questions, please do not hesitate to ask.

Megan C
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