What is the only tangible personal property currently taxed in New Jersey?

In New Jersey, local exchange telephone systems are classified as the only tangible personal property subject to taxation. This classification is significant because it reflects specific tax policy designed to generate revenue from certain types of infrastructure that provide community services. The taxation of local exchange telephone systems helps ensure that providers contribute to municipal finances, which can be especially important for maintaining public services and infrastructure.

On the other hand, vehicles are typically subjected to a different tax structure, primarily registration and sales taxes, rather than direct taxation as tangible personal property. Household goods, while personal items, fall under an exemption from New Jersey's personal property tax, reflecting an awareness of the financial burden such taxes could impose on residents. Stocks and bonds, considered intangible personal property, are not taxed under property tax but instead may be subject to capital gains taxes or other financial regulations. This overall differentiation highlights the unique regulatory landscape governing various types of property in New Jersey.