New Brunswick, New Jersey Property Taxes
The median property tax rate in New Brunswick, NJ is 2.49%, 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 New Brunswick at $234,600, the typical annual property tax bill reaches $5,576, exceeding the national median of $2,690. Property taxes in New Brunswick 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 New Brunswick'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 New Brunswick 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
New Brunswick, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.49%
Estimate Property Tax Bill
$5,842
Ownwell’s New Brunswick Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in New Brunswick with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in New Brunswick 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 New Brunswick, New Jersey
Property taxes in New Brunswick, New Jersey, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in New Brunswick is 2.49%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within New Brunswick set these rates annually, and they can vary significantly across different neighborhoods. Each year, New Brunswick 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 New Brunswick's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 08901 zip code has the highest median property tax rate of 2.49%, while the same zip code also has the lowest median tax rate of 2.49%. Understanding how these cities compare with New Brunswick 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 New Brunswick Tax Rate
2.49%
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 New Brunswick, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08901 | 2.07% | 2.49% | 2.49% | 2.49% | 2.49% |
Source: Ownwell
Property Tax Assessment Values Across New Brunswick, New Jersey
In New Brunswick, 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 New Brunswick, 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 New Brunswick helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in New Brunswick is $234,600, with the highest median tax bill in zip code 08901 being $5,576.
Property Tax Assessment Values Across New Brunswick, New Jersey
Source: Ownwell
$66,600
$322,300
$578,000
Average New Brunswick Assessed Value
$234,600
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 New Brunswick, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08901 | $142,010 | $175,000 | $234,600 | $318,925 | $426,200 |
Source: Ownwell
Property Tax Bills Across New Brunswick, New Jersey
In New Brunswick, 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 assessor's office and reflects the market value of the property. This value is then multiplied by the tax rate to determine the annual tax bill. Several factors influence the assessed value, including the property's location, size, and condition. In New Brunswick, the median home price is $234,600, which serves as a baseline for many assessments. Homeowners in this city face tax bills that can vary widely. For instance, the 25th percentile tax bill is $4,117, while the 75th percentile tax bill is $7,524, and the 90th percentile tax bill reaches $9,946. Comparatively, New Brunswick's highest and lowest median tax bills both stand at $5,576, significantly higher than the national median property tax rate of 0.99%. These tax rates can significantly impact homeowners, influencing both monthly mortgage payments and overall affordability.
Average New Brunswick Tax Bill
$5,576
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 New Brunswick, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08901 | $3,291 | $4,117 | $5,576 | $7,524 | $9,946 |
Source: Ownwell