Union, New Jersey Property Taxes
The median property tax rate in Union, NJ is 3.53%, considerably higher than both the national median of 0.99% and the New Jersey state median of 2.82%. With the median home value in Union, the typical annual property tax bill reaches $12,031, exceeding the national median of $2,690. Property taxes in Union are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Union's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Union or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Union, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.53%
Estimate Property Tax Bill
$12,044
Ownwell’s Union Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Union with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Union to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Union, New Jersey
Property taxes in Union, New Jersey, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Union is 3.53%, significantly higher than the U.S. national median of 0.99%. Local government entities within Union set these rates annually, and they can vary significantly across different neighborhoods. Each year, Union estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. Understanding how Union's effective property tax rate compares to other areas provides valuable insights into the varying tax landscape across Essex County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Union Tax Rate
3.53%
Average Essex County Tax Rate
3.51%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Union, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07083 | 3.53% | 3.53% | 3.53% | 3.53% | 3.53% |
Source: Ownwell
Property Tax Assessment Values Across Union, New Jersey
In Union, New Jersey, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Essex County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Union, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Union helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills are both $12,031, found in the 07083 zip code.
Average Union Assessed Value
$341,200
Average Essex County Assessed Value
$335,900
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Union, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07083 | $341,200 | $341,200 | $341,200 | $341,200 | $341,200 |
Source: Ownwell
Property Tax Bills Across Union, New Jersey
In Union, located in Essex County, NJ, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the township's assessor, who evaluates the property to estimate its market value. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Union, the median home price is $341,200, and the property tax rate is notably higher than the national median property tax rate of 0.99%. Union's property tax bills are consistently high, with the 25th, 75th, and 90th percentiles all reporting a tax bill of $12,031. This figure is significantly above the national median, indicating a heavier tax burden on Union homeowners. High property taxes can impact homeowners by increasing the overall cost of homeownership and potentially affecting property values. Understanding these factors is crucial for homeowners and prospective buyers in managing their financial planning and investment decisions.
Average Union Tax Bill
$12,031
Average Essex County Tax Bill
$11,297
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Union, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07083 | $12,031 | $12,031 | $12,031 | $12,031 | $12,031 |
Source: Ownwell