Hoboken, New Jersey Property Taxes
The median property tax rate in Hoboken, NJ is 1.60%, considerably higher than the national median of 0.99% but lower than the New Jersey state median of 2.82%. With a median home value of $445,900 in Hoboken, the typical annual property tax bill reaches $7,254, significantly exceeding the national median of $2,690. Property taxes in Hoboken 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 Hoboken'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 Hoboken 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
Hoboken, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.6%
Estimate Property Tax Bill
$7,134
Ownwell’s Hoboken Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hoboken with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hoboken 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 Hoboken, New Jersey
Property taxes in Hoboken, 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 Hoboken is 1.60%, significantly higher than the U.S. national median of 0.99%. Local government entities within Hoboken set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hoboken 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 Hoboken's effective property tax rate to other areas and the national median. For comparison, the zip code 07030 has the highest median property tax rate of 1.60%, while the same zip code also has the lowest median tax rate of 1.60%. Understanding how these figures compare with Hoboken 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 Hoboken Tax Rate
1.60%
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 Hoboken, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07030 | 1.60% | 1.60% | 1.60% | 1.60% | 1.60% |
Source: Ownwell
Property Tax Assessment Values Across Hoboken, New Jersey
In Hoboken, 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 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 Hoboken, 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. For example, the median tax bill in Hoboken is $7,254. 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 Hoboken helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Hoboken Assessed Value
$445,900
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 Hoboken, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07030 | $35,000 | $294,300 | $445,900 | $650,000 | $1,073,400 |
Source: Ownwell
Property Tax Bills Across Hoboken, New Jersey
Property tax bills in Hoboken, NJ, are calculated based on the assessed value of a property, which is determined by the local tax assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. In Hoboken, which is part of Hudson County, the median home price is $445,900. Homeowners in the 25th percentile can expect to pay around $4,694 annually, while those in the 75th percentile might see bills as high as $10,563. At the 90th percentile, the tax bill can reach $17,241. The highest and lowest median tax bills in Hoboken are both $7,254, reflecting a uniformity in the tax rate across the city. These property taxes fund essential services such as public schools, infrastructure, and emergency services. Compared to the national median property tax rate of 0.99%, Hoboken's rates can be notably higher, significantly impacting homeowners' annual expenses. Understanding these factors can help residents better anticipate their financial obligations.
Average Hoboken Tax Bill
$7,254
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 Hoboken, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07030 | $560 | $4,694 | $7,254 | $10,563 | $17,241 |
Source: Ownwell