Milltown, New Jersey Property Taxes
The median property tax rate in Milltown, NJ is 6.60%, 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 Milltown, the typical annual property tax bill reaches $10,326, far exceeding the national median of $2,690. Property taxes in Milltown 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 Milltown'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 Milltown 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
Milltown, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
6.6%
Estimate Property Tax Bill
$10,078
Ownwell’s Milltown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Milltown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Milltown 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 Milltown, New Jersey
Property taxes in Milltown, New Jersey, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Milltown is 6.60%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Milltown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Milltown 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 Milltown's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 08850 zip code has the highest median property tax rate of 6.60%, while the same zip code also has the lowest median tax rate of 6.60%. Understanding how these cities compare with Milltown 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 Milltown Tax Rate
6.60%
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 Milltown, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08850 | 5.50% | 6.60% | 6.60% | 6.60% | 11.64% |
Source: Ownwell
Property Tax Assessment Values Across Milltown, New Jersey
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Milltown, 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 Milltown, 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. Milltown's highest median tax bill is $10,326, found in zip code 08850, while the lowest median tax bill is also $10,326 in the same 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 Milltown Assessed Value
$152,700
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 Milltown, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08850 | $103,270 | $127,300 | $152,700 | $189,300 | $216,100 |
Source: Ownwell
Property Tax Bills Across Milltown, New Jersey
In Milltown, New Jersey, property tax bills are calculated based on the assessed value of a home and the local tax rate set by Middlesex County. The assessed value is determined by local assessors who evaluate the property's market value. Homeowners in Milltown face property tax bills that can vary significantly. For instance, the tax bill for homes at the 25th percentile is $8,601, while those at the 75th percentile see bills around $12,536. At the 90th percentile, tax bills can reach up to $14,532. This variation is due to differences in property values and the specific tax rates applied. The median tax bill in Milltown stands at $10,326, which is considerably higher than the national median property tax rate of 0.99%. This high tax burden can significantly impact homeowners, influencing their financial planning and potentially affecting their decisions regarding property investments. Understanding these factors is crucial for homeowners to manage their expenses effectively.
Average Milltown Tax Bill
$10,326
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 Milltown, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08850 | $7,113 | $8,601 | $10,326 | $12,536 | $14,532 |
Source: Ownwell