Green Brook, New Jersey Property Taxes
The median property tax rate in Green Brook, NJ is 2.76%, 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 Green Brook at $350,700, the typical annual property tax bill reaches $9,683, exceeding the national median of $2,690. Property taxes in Green Brook 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 Green Brook'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 Green Brook 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
Green Brook, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.76%
Estimate Property Tax Bill
$9,679
Ownwell’s Green Brook Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Green Brook with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Green Brook 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 Green Brook, New Jersey
Property taxes in Green Brook, New Jersey, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Green Brook is 2.76%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Green Brook set these rates annually, and they can vary significantly across different neighborhoods. Each year, Green Brook 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 Green Brook's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 08812 zip code has the highest median property tax rate of 2.76%, while the same zip code also has the lowest median tax rate of 2.76%. Understanding how these cities compare with Green Brook 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 Green Brook Tax Rate
2.76%
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 Green Brook, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08812 | 2.72% | 2.76% | 2.76% | 2.76% | 2.76% |
Source: Ownwell
Property Tax Assessment Values Across Green Brook, New Jersey
In Green Brook, 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 Middlesex County Assessor 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 Green Brook, 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, the median home price in Green Brook is $350,700, and tax bills range from $9,168 at the 25th percentile to $10,832 at the 90th percentile. The zip code 08812 has both the highest and lowest median tax bill of $9,683. By understanding 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 Green Brook helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Green Brook Assessed Value
$350,700
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 Green Brook, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08812 | $325,020 | $341,100 | $350,700 | $382,000 | $392,320 |
Source: Ownwell
Property Tax Bills Across Green Brook, New Jersey
In Green Brook, located in Middlesex County, NJ, property tax bills are determined by multiplying the assessed value of a property by the local tax rate. The assessed value is typically a percentage of the property's market value, which is established by the local assessor's office. Homeowners in Green Brook can expect to pay substantial property taxes, given that the median home price stands at $350,700. The tax bill can vary significantly depending on the property's assessed value and the local tax rate. For example, the tax bill at the 25th percentile is $9,168, while at the 75th percentile, it rises to $10,547. For those at the 90th percentile, the tax bill can reach as high as $10,832. These amounts are considerably higher than the national median property tax rate of 0.99%, reflecting the higher property values and tax rates in this area. This substantial tax burden can significantly impact homeowners, influencing their financial planning and homeownership costs.
Average Green Brook Tax Bill
$9,683
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 Green Brook, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08812 | $8,874 | $9,168 | $9,683 | $10,547 | $10,832 |
Source: Ownwell