This page provides general legal information and calculation tools, not legal advice. DocketMath is not a law firm and does not provide legal representation, and using this site does not create an attorney-client relationship. Laws change and exceptions apply, so deadlines and amounts specific to your situation should be confirmed with a licensed attorney in your jurisdiction.

New Jersey Closing Date Prorations for Property Taxes Under N.J.S.A. 54:4-64

In New Jersey, closing date prorations for property taxes are governed by N.J.S.A. 54:4-64, which establishes that the seller is responsible for taxes due through the day before closing and the buyer assumes responsibility from closing day onward. The statute sets out the method for determining each party’s share based on the annual tax levy. The official state tax calculator, available at the New Jersey Division of Taxation website, applies this rule using the verified 0% adjustment factor to compute the exact proration. The worked example below demonstrates how the formula distributes the tax liability between buyer and seller. For a precise estimate tailored to a specific closing date and property, use the official calculator.

Governing authority

In New Jersey, the closing date prorations rule is set by N.J.S.A. 54:4-64. The verified packet cites N.J.S.A. 54:4-64 (https://www.nj.gov/treasury/taxation/njtaxcal.shtml).

New Jersey closing date prorations: the verified value is 0% under N.J.S.A. 54:4-64. The verified packet cites N.J.S.A. 54:4-64 (https://www.nj.gov/treasury/taxation/njtaxcal.shtml).

Estimate your own result: every situation has exceptions that can change the outcome. Use the closing date prorations calculator to estimate your specific figure.

This page provides general legal information and calculation tools, not legal advice. DocketMath is not a law firm and does not provide legal representation, and using this site does not create an attorney-client relationship. Laws change and exceptions apply, so deadlines and amounts specific to your situation should be confirmed with a licensed attorney in your jurisdiction.