Pottersville, New Jersey Property Taxes
The median property tax rate in Pottersville, NJ is 1.35%, considerably higher than both the national median of 0.99% and New Jersey's state median of 2.82%. With the median home value in Pottersville at $527,700, the typical annual property tax bill reaches $7,134, exceeding the national median of $2,690. Property taxes in Pottersville 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 Pottersville'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 Pottersville 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
Pottersville, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.35%
Estimate Property Tax Bill
$7,124
Ownwell’s Pottersville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Pottersville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Pottersville 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 Pottersville, New Jersey
Property taxes in Pottersville, NJ, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Pottersville is 1.35%, higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Pottersville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Pottersville 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 Pottersville's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 07979 zip code has the highest median property tax rate of 1.35%, while the 07979 zip code has the lowest median tax rate of 1.35%. Understanding how these cities compare with Pottersville 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 Pottersville Tax Rate
1.35%
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 Pottersville, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07979 | 1.35% | 1.35% | 1.35% | 1.35% | 1.35% |
Source: Ownwell
Property Tax Assessment Values Across Pottersville, New Jersey
In Pottersville, 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 Pottersville, 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 Pottersville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 07979 in Pottersville has the highest median tax bill at $7,134 and the lowest median tax bill at $7,134, highlighting the uniformity in property tax assessments within the area.
Property Tax Assessment Values Across Pottersville, New Jersey
Source: Ownwell
$230,000
$621,625
$1,013,250
Average Pottersville Assessed Value
$527,700
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 Pottersville, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07979 | $393,460 | $443,800 | $527,700 | $538,000 | $544,180 |
Source: Ownwell
Property Tax Bills Across Pottersville, New Jersey
In Pottersville, 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. Once the assessed value is established, it is multiplied by the local property tax rate to determine the annual tax bill. For example, the median home price in Pottersville is $527,700. Homeowners in this area can expect a tax bill ranging from $6,001 at the 25th percentile to $7,274 at the 75th percentile, with the 90th percentile reaching up to $7,357. This range indicates that Pottersville’s property taxes are significantly higher than the national median property tax rate of 0.99%. These taxes fund essential public services such as schools, emergency services, and infrastructure maintenance. Higher property tax bills can impact homeowners by increasing the overall cost of homeownership, but they also contribute to maintaining and improving community services and amenities.
Average Pottersville Tax Bill
$7,134
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 Pottersville, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07979 | $5,321 | $6,001 | $7,134 | $7,274 | $7,357 |
Source: Ownwell