Harrison, New Jersey Property Taxes
The median property tax rate in Harrison, NJ is 2.28%, 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 Harrison at $449,500, the typical annual property tax bill reaches $10,583, far exceeding the national median of $2,690. Property taxes in Harrison 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 Harrison'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 Harrison 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
Harrison, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.28%
Estimate Property Tax Bill
$10,249
Ownwell’s Harrison Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Harrison with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Harrison 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 Harrison, New Jersey
Property taxes in Harrison, New Jersey, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Harrison is 2.28%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Harrison set these rates annually, and they can vary significantly across different neighborhoods. Each year, Harrison 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. The data below compares Harrison's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 07029 zip code has the highest median property tax rate of 2.28%, while the same zip code also has the lowest median tax rate of 2.28%. Understanding how these cities compare with Harrison provides valuable insights into the varying tax landscape across Hudson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Harrison Tax Rate
2.28%
Average Hudson County Tax Rate
2.12%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Harrison, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07029 | 2.28% | 2.28% | 2.28% | 2.28% | 2.28% |
Source: Ownwell
Property Tax Assessment Values Across Harrison, New Jersey
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Harrison, NJ. 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 Hudson 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 Harrison, 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 Harrison helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the median home price in Harrison is $449,500, with the highest and lowest median tax bills both recorded at $10,583 in the 07029 zip code.
Average Harrison Assessed Value
$449,500
Average Hudson County Assessed Value
$357,200
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Harrison, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07029 | $263,600 | $378,650 | $449,500 | $551,000 | $629,020 |
Source: Ownwell
Property Tax Bills Across Harrison, New Jersey
In Harrison, Hudson County, NJ, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in this area stands at $449,500. Property taxes are determined by multiplying the assessed value of the property by the tax rate set by local government authorities. This rate can vary, but it significantly impacts the final tax bill homeowners receive. Several factors influence the assessed value, including the property's market value, location, and any improvements made. For example, homes in Harrison see tax bills ranging from $8,421 at the 25th percentile to $14,463 at the 90th percentile. The highest median tax bill in the area is $10,583, which is notably higher than the national median property tax rate of 0.99%. These taxes fund essential local services like schools, public safety, and infrastructure, directly affecting homeowners' financial responsibilities. Understanding these components can help homeowners better anticipate their annual property tax obligations.
Average Harrison Tax Bill
$10,583
Average Hudson County Tax Bill
$8,581
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Harrison, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07029 | $5,847 | $8,421 | $10,583 | $12,730 | $14,463 |
Source: Ownwell