What is a supplemental tax bill?
By Bob Millaway, South Jersey Community Expert & REALTOR®
A supplemental tax bill is an additional tax assessment issued when a property's value increases significantly, typically after new construction, major renovations, or a change in ownership. In New Jersey, a supplemental assessment covers the period from when the improvement was completed through the end of the tax year, prorated for the months the new value was in effect.
Why It Matters
Supplemental tax bills can catch homeowners by surprise. If you are renovating or building, budget for a possible mid-year tax increase.
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