General Property Tax Information in New Jersey. County, municipal and school budget costs determine the amount of property tax to be paid. A town's general tax rate is calculated by dividing the total dollar amount it needs to raise to meet Specifically, we find that if deductibility were eliminated, the mean property tax rate in our sample would fall by 0.00715 ($7.15 per $1000 of assessed property), States can also permit local governments to tax personal property. This consists of property that is movable, such as boats, cars, jewelry, airplanes, computer, equipment, tools, and furniture. The amount of tax to be paid is figured on the total value of the property or on a certain percentage of the value.