Joint Base Mdl, New Jersey Property Taxes
The median property tax rate in Joint Base MDL, NJ is 3.12%, 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 Joint Base MDL at $235,450, the typical annual property tax bill reaches $7,257, exceeding the national median of $2,690. Property taxes in Joint Base MDL 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 Joint Base MDL'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 Joint Base MDL 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
Joint Base Mdl, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.12%
Estimate Property Tax Bill
$7,346
Ownwell’s JOINT BASE MDL Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in JOINT BASE MDL with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in JOINT BASE MDL 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 Joint Base Mdl, New Jersey
Property taxes in JOINT BASE MDL, New Jersey, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in JOINT BASE MDL is 3.12%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within JOINT BASE MDL set these rates annually, and they can vary significantly across different neighborhoods. Each year, JOINT BASE MDL 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 JOINT BASE MDL's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 08641 zip code has the highest median property tax rate of 3.12%, while the same zip code also has the lowest median tax rate of 3.12%. Understanding how these areas compare with JOINT BASE MDL 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 Joint Base Mdl Tax Rate
3.12%
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 Joint Base Mdl, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08641 | 3.02% | 3.06% | 3.12% | 3.19% | 3.23% |
Source: Ownwell
Property Tax Assessment Values Across Joint Base Mdl, New Jersey
In JOINT BASE MDL, 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 Mercer County 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 JOINT BASE MDL, 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 JOINT BASE MDL helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 08641 has the highest and lowest median tax bill, both at $7,257.
Property Tax Assessment Values Across Joint Base Mdl, New Jersey
Source: Ownwell
$42,000
$637,025
$1,232,050
Average Joint Base Mdl Assessed Value
$235,450
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 Joint Base Mdl, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08641 | $172,290 | $195,975 | $235,450 | $274,925 | $298,610 |
Source: Ownwell
Property Tax Bills Across Joint Base Mdl, New Jersey
In Joint Base MDL, Mercer County, NJ, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. The assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For instance, the median home price in this area is $235,450. Homeowners in the 25th percentile can expect a tax bill around $6,172, while those in the 75th percentile might see bills as high as $8,341. Several factors influence the property tax bill, including the home's market value, local tax rates, and any applicable exemptions. These taxes are crucial for funding local services such as schools, emergency services, and infrastructure. Compared to the national median property tax rate of 0.99%, Mercer County's rates result in significantly higher tax bills. For example, the highest and lowest median tax bills in the area are both $7,257, which is substantially above the national median. This can have a considerable impact on homeowners, affecting affordability and overall cost of living.
Average Joint Base Mdl Tax Bill
$7,257
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 Joint Base Mdl, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08641 | $5,522 | $6,172 | $7,257 | $8,341 | $8,992 |
Source: Ownwell