Dayton, New Jersey Property Taxes
The median property tax rate in Dayton, NJ is 5.05%, 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 Dayton at $158,200, the typical annual property tax bill reaches $7,550, significantly exceeding the national median of $2,690. Property taxes in Dayton 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 Dayton'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 Dayton 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
Dayton, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
5.05%
Estimate Property Tax Bill
$7,989
Ownwell’s Dayton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Dayton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Dayton 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 Dayton, New Jersey
Property taxes in Dayton, New Jersey, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Dayton is 5.05%, significantly higher than the U.S. national median of 0.99%. Local government entities within Dayton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Dayton 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 Dayton's effective property tax rate to other areas in Middlesex County and the national median. For comparison, the 08810 zip code has the highest median property tax rate of 5.05%, while the same zip code also has the lowest median tax rate of 5.05%. Understanding how these areas compare with Dayton provides valuable insights into the varying tax landscape across Middlesex County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Dayton Tax Rate
5.05%
Average Middlesex County Tax Rate
5.10%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Dayton, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08810 | 4.06% | 5.05% | 5.05% | 5.05% | 5.05% |
Source: Ownwell
Property Tax Assessment Values Across Dayton, New Jersey
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Dayton, NJ. 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 Middlesex 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 Dayton, 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. The median home price in Dayton is $158,200, with tax bills ranging from $5,973 at the 25th percentile to $12,842 at the 90th percentile. The highest and lowest median tax bills are both $7,550 in the 08810 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Dayton Assessed Value
$158,200
Average Middlesex County Assessed Value
$158,000
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Dayton, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08810 | $101,800 | $130,900 | $158,200 | $201,000 | $255,650 |
Source: Ownwell
Property Tax Bills Across Dayton, New Jersey
In Dayton, New Jersey, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. Factors such as the property's location, size, and condition, along with any improvements or renovations, play a significant role in determining the assessed value. Homeowners in Dayton face a median property tax bill of $7,550, which is significantly higher than the national median property tax rate of 0.99%. For instance, the 25th percentile tax bill is $5,973, while the 75th percentile tax bill reaches $10,001, and the 90th percentile tax bill can soar to $12,842. This high property tax burden can impact homeowners by increasing their annual expenses considerably, making it crucial for them to explore potential tax appeals or exemptions to manage their financial obligations effectively.
Average Dayton Tax Bill
$7,550
Average Middlesex County Tax Bill
$7,840
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Dayton, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08810 | $4,544 | $5,973 | $7,550 | $10,001 | $12,842 |
Source: Ownwell