Hamilton, New Jersey Property Taxes
The median property tax rate in Hamilton, NJ is 3.25%, 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 Hamilton at $195,200, the typical annual property tax bill reaches $6,346, exceeding the national median of $2,690. Property taxes in Hamilton 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 Hamilton'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 Hamilton 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
Hamilton, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.25%
Estimate Property Tax Bill
$6,344
Ownwell’s Hamilton Property Tax Bill Calculator enables homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Hamilton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hamilton 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 Mercer County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Hamilton, New Jersey
Property taxes in Hamilton, 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 Hamilton is 3.25%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Hamilton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hamilton 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 Hamilton's effective property tax rate to other areas in Mercer County and the national median. For comparison, the 08629 zip code has the highest median property tax rate of 3.25%, while the 08609 zip code has the lowest median tax rate of 3.25%. Understanding how these areas compare with Hamilton provides valuable insights into the varying tax landscape across Mercer County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hamilton Tax Rate
3.25%
Average Mercer County Tax Rate
3.25%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hamilton, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08609 | 3.25% | 3.25% | 3.25% | 3.25% | 3.25% |
| 08610 | 3.25% | 3.25% | 3.25% | 3.25% | 3.25% |
| 08611 | 3.25% | 3.25% | 3.25% | 3.25% | 3.25% |
| 08619 | 3.25% | 3.25% | 3.25% | 3.25% | 3.25% |
| 08620 | 3.25% | 3.25% | 3.25% | 3.25% | 3.25% |
| 08629 | 3.25% | 3.25% | 3.25% | 3.25% | 3.25% |
| 08690 | 3.25% | 3.25% | 3.25% | 3.25% | 3.25% |
| 08691 | 3.25% | 3.25% | 3.25% | 3.25% | 3.25% |
Source: Ownwell
Property Tax Assessment Values Across Hamilton, New Jersey
In Hamilton, 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 Mercer 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 Hamilton, 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 instance, in Hamilton, the median home price is $195,200. The median tax bills range from $5,093 in the 08611 zip code to $8,470 in the 08690 zip code. 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 Hamilton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Hamilton Assessed Value
$195,200
Average Mercer County Assessed Value
$216,500
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hamilton, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08609 | $175,300 | $175,300 | $175,300 | $175,300 | $175,300 |
| 08610 | $118,490 | $151,925 | $181,850 | $198,200 | $219,000 |
| 08611 | $156,290 | $156,425 | $156,650 | $156,875 | $157,010 |
| 08619 | $180,190 | $200,350 | $209,250 | $222,150 | $234,090 |
| 08620 | $179,560 | $198,500 | $225,700 | $251,550 | $272,020 |
| 08629 | $129,820 | $152,500 | $192,250 | $224,775 | $244,110 |
| 08690 | $177,530 | $228,625 | $260,550 | $297,600 | $319,650 |
| 08691 | $202,300 | $202,300 | $202,300 | $202,300 | $202,300 |
Source: Ownwell
Property Tax Bills Across Hamilton, New Jersey
Property tax bills in Hamilton, NJ, located in Mercer County, are calculated based on the assessed value of a property and the local tax rate. The assessed value is typically a percentage of the market value of the home, determined by the local tax assessor. This figure is then multiplied by the local property tax rate to determine the annual tax bill. In Hamilton, the median home price is $195,200, and the property tax rate significantly impacts homeowners. The tax bill for the 25th percentile is $5,464, while homeowners in the 75th percentile face a tax bill of $7,516. Those in the 90th percentile see a tax bill of $8,757. Comparatively, the national median property tax rate is 0.99%, indicating that Hamilton's property tax rates are higher than the national average. This higher tax rate can place a substantial financial burden on homeowners, affecting their overall cost of living. The highest median tax bill in Hamilton is $8,470 in zip code 08690, while the lowest is $5,093 in zip code 08611.
Average Hamilton Tax Bill
$6,346
Average Mercer County Tax Bill
$7,200
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Hamilton, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08609 | $5,699 | $5,699 | $5,699 | $5,699 | $5,699 |
| 08610 | $3,852 | $4,939 | $5,912 | $6,443 | $7,120 |
| 08611 | $5,081 | $5,085 | $5,093 | $5,100 | $5,104 |
| 08619 | $5,858 | $6,513 | $6,803 | $7,222 | $7,610 |
| 08620 | $5,837 | $6,453 | $7,338 | $8,178 | $8,843 |
| 08629 | $4,220 | $4,958 | $6,250 | $7,307 | $7,936 |
| 08690 | $5,771 | $7,433 | $8,470 | $9,675 | $10,392 |
| 08691 | $6,577 | $6,577 | $6,577 | $6,577 | $6,577 |
Source: Ownwell