Peapack, New Jersey Property Taxes
The median property tax rate in Peapack, NJ is 1.84%, 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 Peapack, the typical annual property tax bill reaches $9,638, exceeding the national median of $2,690. Property taxes in Peapack 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 Peapack'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 Peapack 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
Peapack, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.84%
Estimate Property Tax Bill
$9,723
Ownwell’s Peapack Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Peapack with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Peapack 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 Peapack, New Jersey
Property taxes in Peapack, New Jersey, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Peapack is 1.84%, significantly higher than the U.S. national median of 0.99%. Local government entities within Peapack set these rates annually, and they can vary significantly across different neighborhoods. Each year, Peapack 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 Peapack's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 07977 zip code has the highest and lowest median property tax rate of 1.84%. Understanding how these cities compare with Peapack 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 Peapack Tax Rate
1.84%
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 Peapack, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07977 | 1.79% | 1.84% | 1.84% | 1.84% | 1.84% |
Source: Ownwell
Property Tax Assessment Values Across Peapack, New Jersey
In Peapack, 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 Somerset 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 Peapack, 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. The median home price in Peapack stands at $528,400, with the 25th percentile tax bill at $7,130 and the 75th percentile tax bill at $15,034. The highest and lowest median tax bills are both $9,638, found in zip code 07977. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Peapack Assessed Value
$528,400
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 Peapack, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07977 | $300,000 | $409,625 | $528,400 | $822,550 | $1,083,510 |
Source: Ownwell
Property Tax Bills Across Peapack, New Jersey
In Peapack, Somerset County, NJ, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Peapack is $528,400, which is significantly higher than the national median. Property taxes in this area are notably high, with the 25th percentile tax bill at $7,130 and the 75th percentile reaching $15,034. The 90th percentile tax bill can be as high as $19,915. These figures are considerably above the national median property tax rate of 0.99%. Several factors influence the tax bill, including the assessed value of the property, which is determined by local assessors, and the specific tax rate applied by Somerset County. Homeowners in Peapack can expect to pay some of the highest median tax bills in the nation, with the median tax bill in the 07977 zip code being $9,638. High property taxes can impact homeowners by increasing the overall cost of owning a home, potentially affecting affordability and long-term financial planning.
Average Peapack Tax Bill
$9,638
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 Peapack, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07977 | $5,514 | $7,130 | $9,638 | $15,034 | $19,915 |
Source: Ownwell