Metuchen, New Jersey Property Taxes
The median property tax rate in Metuchen, NJ is 6.37%, 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 Metuchen, the typical annual property tax bill reaches $8,788, significantly exceeding the national median of $2,690. Property taxes in Metuchen 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 Metuchen'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 Metuchen 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
Metuchen, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
6.37%
Estimate Property Tax Bill
$10,511
Ownwell’s Metuchen Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Metuchen with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Metuchen 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 Metuchen, New Jersey
Property taxes in Metuchen, New Jersey, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Metuchen is 6.37%, significantly higher than the U.S. national median of 0.99%. Local government entities within Metuchen set these rates annually, and they can vary significantly across different neighborhoods. Each year, Metuchen 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 Metuchen's effective property tax rate to other counties in New Jersey and the national median. For comparison, the zip code 08840 has the highest median property tax rate of 6.37%, while the same zip code 08840 also has the lowest median tax rate of 6.37%. Understanding how these cities compare with Metuchen 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 Metuchen Tax Rate
6.37%
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 Metuchen, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08840 | 3.26% | 3.26% | 6.37% | 6.37% | 11.49% |
Source: Ownwell
Property Tax Assessment Values Across Metuchen, New Jersey
In Metuchen, 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 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 Metuchen, 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 Metuchen helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Metuchen, the median home price is $165,000. The highest and lowest median tax bills are both $8,788 in the zip code 08840. The 25th percentile tax bill is $6,056, while the 75th percentile tax bill is $11,468, and the 90th percentile tax bill is $15,373.
Average Metuchen Assessed Value
$165,000
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 Metuchen, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08840 | $77,500 | $110,000 | $165,000 | $211,100 | $275,000 |
Source: Ownwell
Property Tax Bills Across Metuchen, New Jersey
In Metuchen, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the local tax assessor and reflects a percentage of the property's market value. Middlesex County has one of the highest median property tax bills in the nation, with the median tax bill in Metuchen being $8,788. This is significantly higher than the national median property tax rate of 0.99%. Several factors influence the property tax bill, including the home's assessed value, local tax rates, and any applicable exemptions or deductions. Homeowners in Metuchen can expect tax bills that range widely, from the 25th percentile at $6,056 to the 90th percentile at $15,373. The higher property taxes in this area can impact homeowners by increasing the overall cost of homeownership, which may affect budgeting and financial planning. However, the revenue generated from these taxes supports local services such as schools, public safety, and infrastructure, contributing to the community's overall quality of life.
Average Metuchen Tax Bill
$8,788
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 Metuchen, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08840 | $3,866 | $6,056 | $8,788 | $11,468 | $15,373 |
Source: Ownwell