Sewaren, New Jersey Property Taxes
The median property tax rate in Sewaren, NJ is 12.40%, 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 Sewaren at $70,550, the typical annual property tax bill reaches $8,450, exceeding the national median of $2,690. Property taxes in Sewaren 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 Sewaren'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 Sewaren 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
Sewaren, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
12.4%
Estimate Property Tax Bill
$8,748
Ownwell’s Sewaren Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sewaren with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sewaren 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 Sewaren, New Jersey
Property taxes in Sewaren, 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 Sewaren is 12.40%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Sewaren set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sewaren 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 Sewaren's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 07077 zip code has the highest median property tax rate of 12.40%, while the same zip code also has the lowest median tax rate of 12.40%. Understanding how these cities compare with Sewaren 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 Sewaren Tax Rate
12.40%
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 Sewaren, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07077 | 10.97% | 11.84% | 12.40% | 12.40% | 12.62% |
Source: Ownwell
Property Tax Assessment Values Across Sewaren, New Jersey
In Sewaren, 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's Office 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 Sewaren, 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 Sewaren helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Sewaren are both $8,450, found in the zip code 07077.
Average Sewaren Assessed Value
$70,550
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 Sewaren, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07077 | $55,590 | $60,000 | $70,550 | $85,325 | $100,300 |
Source: Ownwell
Property Tax Bills Across Sewaren, New Jersey
Property tax bills in Sewaren, located in Middlesex County, NJ, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the local tax assessor and is a percentage of the property's market value. Once the assessed value is set, it is multiplied by the local tax rate to calculate the annual tax bill. Several factors influence the tax bill, including the property's location, size, and any improvements made. In Sewaren, the median home price is $70,550, with tax bills ranging from $7,341 at the 25th percentile to $12,177 at the 90th percentile. The highest and lowest median tax bills both stand at $8,450 in the 07077 zip code. Homeowners in Sewaren face property tax rates significantly higher than the national median of 0.99%, impacting their overall cost of homeownership. These high taxes can affect decisions on purchasing, selling, or renovating properties, making it essential for homeowners to stay informed about their property tax liabilities.
Average Sewaren Tax Bill
$8,450
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 Sewaren, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07077 | $6,123 | $7,341 | $8,450 | $10,205 | $12,177 |
Source: Ownwell