Mine Hill, New Jersey Property Taxes
The median property tax rate in Mine Hill, NJ is 2.81%, 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 Mine Hill at $267,550, the typical annual property tax bill reaches $7,474, significantly exceeding the national median of $2,690. Property taxes in Mine Hill 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 Mine Hill'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 Mine Hill 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
Mine Hill, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.81%
Estimate Property Tax Bill
$7,518
Ownwell’s Mine Hill Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mine Hill with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mine Hill 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 Mine Hill, New Jersey
Property taxes in Mine Hill, 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 Mine Hill is 2.81%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Mine Hill set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mine Hill 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 Mine Hill's effective property tax rate to other counties in New Jersey and the national median. For comparison, the zip code 07803 has the same median property tax rate of 2.81%. Understanding how these areas compare with Mine Hill provides valuable insights into the varying tax landscape across Morris County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mine Hill Tax Rate
2.81%
Average Morris County Tax Rate
2.63%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mine Hill, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07803 | 2.81% | 2.81% | 2.81% | 2.81% | 2.81% |
Source: Ownwell
Property Tax Assessment Values Across Mine Hill, New Jersey
In Mine Hill, 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 Morris 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 Mine Hill, 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. The median home price in Mine Hill is $267,550, with property tax bills ranging from $6,793 at the 25th percentile to $10,043 at the 90th percentile. The zip code with both the highest and lowest median tax bill is 07803, with a median tax bill of $7,474. 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 Mine Hill helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Mine Hill, New Jersey
Source: Ownwell
$135,550
$791,475
$1,447,400
Average Mine Hill Assessed Value
$267,550
Average Morris County Assessed Value
$381,800
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mine Hill, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07803 | $226,350 | $243,000 | $267,550 | $302,775 | $358,150 |
Source: Ownwell
Property Tax Bills Across Mine Hill, New Jersey
In Mine Hill, located in Morris County, NJ, 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 is meant to reflect the market value of the property. The local tax rate is applied to this assessed value to calculate the annual tax bill. For instance, the median home price in Mine Hill is $267,550. Property tax bills can vary significantly, with the 25th percentile paying around $6,793 and the 75th percentile paying approximately $8,479. The highest median tax bill recorded in the area is $7,474, which is notably higher than the national median property tax rate of 0.99%. Homeowners in Mine Hill can expect their property tax bills to be influenced by various factors, including changes in property values and local government budget requirements. These taxes are crucial for funding public services such as schools, infrastructure, and emergency services, directly impacting the quality of life in the community.
Average Mine Hill Tax Bill
$7,474
Average Morris County Tax Bill
$9,778
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Mine Hill, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07803 | $6,304 | $6,793 | $7,474 | $8,479 | $10,043 |
Source: Ownwell