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How Much is Property Tax on a $1,000,000 Home in New Jersey?
Property tax on a $1,000,000 home in New Jersey typically ranges from $15,000 to $35,000 per year (roughly $1,250 to $2,917/month), depending on the county. Based on the statewide average effective rate of 2.49%, you can expect to pay around $24,900/year, or $2,075/month. New Jersey consistently ranks first in the country for effective property tax rates, reflecting high home values and heavy reliance on local property taxes for school funding.