Property Subject to Taxation

N.J.S.A. 54:4-1

Establishes that all real and personal property within New Jersey that is not expressly exempted or excluded is subject to annual taxation under this chapter, valued and assessed at the taxable value prescribed by law. It is the foundational provision making land and improvements taxable in the taxing district where they are located; it limits taxable personal property to directly-used petroleum-refinery machinery and excludes the tangible goods and chattels used in the business of local-exchange telephone, telegraph, and messenger-system companies that were subject to the separate tax under P.L.1940, c.4 as of April 1, 1997.