Is special credit considered personal property that is subject to Municipal tax, Court tax, and School tax?

Special credit is indeed considered personal property and is subject to Municipal tax, Court tax, and School tax in New Jersey. This classification stems from the way special credits, such as tax credits or deductions, are treated under state tax laws. They are viewed as assets that provide a measurable financial benefit, similar to other personal properties.

Municipal tax finances local government services, while Court tax supports the judiciary system, and School tax funds public education. By including special credits within the scope of personal property, they become liable to these taxes, thus ensuring that any financial advantages they confer are appropriately accounted for in municipal budgets and funding mechanisms. The understanding that special credits are subject to these taxes reflects the broader principle of equitable taxation, where all forms of property and value contribute to the funding of essential public services.