How do property taxes work when you inherit a home?
By Bob Millaway, South Jersey Community Expert & REALTOR®
When you inherit a home in New Jersey, the property tax assessment generally remains the same until the next municipal reassessment. However, the property will be reassessed if you make significant improvements. You may qualify for certain tax exemptions or relief programs as a new owner-occupant. The inheritance itself is not subject to New Jersey inheritance tax for direct descendants.
Why It Matters
Understanding how inheritance affects property taxes helps you plan for ongoing costs and available relief options.
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