Berkeley Heights, New Jersey Property Taxes
The median property tax rate in Berkeley Heights, NJ is 2.08%, 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 Berkeley Heights at $427,550, the typical annual property tax bill reaches $8,887, exceeding the national median of $2,690. Property taxes in Berkeley Heights 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 Berkeley Heights'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 Berkeley Heights 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
Berkeley Heights, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.08%
Estimate Property Tax Bill
$8,893
Ownwell’s Berkeley Heights Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Berkeley Heights with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Berkeley Heights 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 Berkeley Heights, New Jersey
Property taxes in Berkeley Heights, New Jersey, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Berkeley Heights is 2.08%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Berkeley Heights set these rates annually, and they can vary significantly across different neighborhoods. Each year, Berkeley Heights 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 Berkeley Heights' effective property tax rate to other counties in New Jersey and the national median. For comparison, the 07922 zip code has the highest median property tax rate of 2.08%, while the same 07922 zip code also has the lowest median tax rate of 2.08%. Understanding how these cities compare with Berkeley Heights provides valuable insights into the varying tax landscape across Somerset County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Berkeley Heights Tax Rate
2.08%
Average Somerset County Tax Rate
2.05%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Berkeley Heights, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07922 | 2.00% | 2.06% | 2.08% | 2.08% | 2.08% |
Source: Ownwell
Property Tax Assessment Values Across Berkeley Heights, New Jersey
In Berkeley Heights, 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 Somerset County 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 Berkeley Heights, 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 Berkeley Heights helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill in Berkeley Heights is 07922, with a median tax bill of $8,887. This is significantly higher than the national median property tax rate of 0.99%, illustrating the importance of understanding and managing property taxes in this region.
Property Tax Assessment Values Across Berkeley Heights, New Jersey
Source: Ownwell
$230,000
$621,625
$1,013,250
Average Berkeley Heights Assessed Value
$427,550
Average Somerset County Assessed Value
$415,100
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Berkeley Heights, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07922 | $94,560 | $316,075 | $427,550 | $447,300 | $466,590 |
Source: Ownwell
Property Tax Bills Across Berkeley Heights, New Jersey
In Berkeley Heights, located in Somerset County, NJ, property tax bills are determined by the assessed value of a home and the local tax rate. The assessed value is calculated based on various factors, including the property's market value, size, location, and any improvements made. Homeowners in this area face a significant property tax burden, with the median tax bill standing at $8,887, which is considerably higher than the national median property tax rate of 0.99%. For instance, tax bills in the 25th percentile amount to $6,545, while those in the 75th percentile reach $9,286. At the 90th percentile, homeowners can expect to pay around $9,538. These figures illustrate the wide range of property tax obligations, which can significantly impact household budgets. Higher tax bills often reflect better local services and amenities, but they can also pose financial challenges for homeowners. Understanding these factors is crucial for residents when planning their finances and considering property investments in Berkeley Heights.
Average Berkeley Heights Tax Bill
$8,887
Average Somerset County Tax Bill
$9,311
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Berkeley Heights, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07922 | $1,932 | $6,545 | $8,887 | $9,286 | $9,538 |
Source: Ownwell