Frenchtown, New Jersey Property Taxes
The median property tax rate in Frenchtown, NJ is 2.49%, 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 Frenchtown, the typical annual property tax bill reaches $9,119, exceeding the national median of $2,690. Property taxes in Frenchtown 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 Frenchtown'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 Frenchtown 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
Frenchtown, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.49%
Estimate Property Tax Bill
$7,929
Ownwell’s Frenchtown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Frenchtown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Frenchtown 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 Frenchtown, New Jersey
Property taxes in Frenchtown, New Jersey, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Frenchtown is 2.49%, significantly higher than the U.S. national median of 0.99%. Local government entities within Frenchtown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Frenchtown 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 Frenchtown's effective property tax rate to other areas in New Jersey and the national median. For comparison, the zip code 08825 has the highest median property tax rate of 2.49%, while it also has the lowest median tax rate of 2.49%. Understanding how these areas compare with Frenchtown provides valuable insights into the varying tax landscape across Hunterdon County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Frenchtown Tax Rate
2.49%
Average Hunterdon County Tax Rate
2.66%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Frenchtown, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08825 | 2.49% | 2.49% | 2.49% | 3.63% | 3.63% |
Source: Ownwell
Property Tax Assessment Values Across Frenchtown, New Jersey
In Frenchtown, 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 Hunterdon 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 Frenchtown, 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 Frenchtown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Frenchtown is $318,450, with tax bills ranging from $7,275 at the 25th percentile to $13,295 at the 90th percentile. The highest and lowest median tax bills are both $9,119 in the zip code 08825.
Average Frenchtown Assessed Value
$318,450
Average Hunterdon County Assessed Value
$364,050
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Frenchtown, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08825 | $209,500 | $250,600 | $318,450 | $419,775 | $512,710 |
Source: Ownwell
Property Tax Bills Across Frenchtown, New Jersey
In Frenchtown, Hunterdon County, NJ, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Homeowners in Frenchtown experience a range of tax bills, with the 25th percentile paying around $7,275 and the 75th percentile paying up to $11,264. The 90th percentile sees tax bills as high as $13,295. Factors considered in the assessment process include the home's market value, location, and any improvements or renovations made to the property. This system ensures that property taxes reflect the current market conditions and the value of individual properties. With a median home price of $318,450, Frenchtown’s property tax bills can significantly impact homeowners' finances, especially when compared to the national median property tax rate of 0.99%. The highest and lowest median tax bills in the area are both $9,119, emphasizing a relatively uniform tax burden across the region.
Average Frenchtown Tax Bill
$9,119
Average Hunterdon County Tax Bill
$10,015
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Frenchtown, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08825 | $5,891 | $7,275 | $9,119 | $11,264 | $13,295 |
Source: Ownwell