Pennington, New Jersey Property Taxes
The median property tax rate in Pennington, NJ is 2.99%, significantly higher than both the national median of 0.99% and the New Jersey state median of 2.82%. With a median home value of $415,300, the typical annual property tax bill in Pennington reaches $12,325, far exceeding the national median of $2,690. Property taxes in Pennington are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Pennington'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 Pennington 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
Pennington, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.99%
Estimate Property Tax Bill
$12,417
Ownwell’s Pennington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Pennington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Pennington 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 Pennington, New Jersey
Property taxes in Pennington, New Jersey, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Pennington is 2.99%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Pennington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Pennington 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 Pennington's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 08534 zip code has the highest median property tax rate of 2.99%, while the same 08534 zip code also has the lowest median tax rate of 2.99%. Understanding how these cities compare with Pennington 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 Pennington Tax Rate
2.99%
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 Pennington, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08534 | 2.83% | 2.99% | 2.99% | 2.99% | 2.99% |
Source: Ownwell
Property Tax Assessment Values Across Pennington, New Jersey
In Pennington, 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 local 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 Pennington, 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 Pennington helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Pennington is $12,325 in the 08534 zip code, while the lowest median tax bill also stands at $12,325 in the same zip code.
Property Tax Assessment Values Across Pennington, New Jersey
Source: Ownwell
$42,000
$637,025
$1,232,050
Average Pennington Assessed Value
$415,300
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 Pennington, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08534 | $271,400 | $319,100 | $415,300 | $564,800 | $719,020 |
Source: Ownwell
Property Tax Bills Across Pennington, New Jersey
Property tax bills in Pennington, located in Mercer County, NJ, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the local tax assessor and is meant to reflect the market value of the property. Once the assessed value is established, the local tax rate is applied to calculate the annual property tax bill. In Pennington, the median home price is $415,300, with property tax bills varying significantly. Homeowners at the 25th percentile can expect a tax bill of approximately $9,461, while those at the 75th percentile might see a bill around $16,470. For those in the 90th percentile, the tax bill can reach up to $21,080. The highest median tax bill in the area is $12,325, which is notably higher than the national median property tax rate of 0.99%. These factors collectively impact homeowners, influencing both their annual expenses and the overall affordability of owning property in Pennington.
Average Pennington Tax Bill
$12,325
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 Pennington, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08534 | $8,123 | $9,461 | $12,325 | $16,470 | $21,080 |
Source: Ownwell