Sussex, New Jersey Property Taxes
The median property tax rate in Sussex, NJ is 2.88%, 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 Sussex, the typical annual property tax bill reaches $7,414, exceeding the national median of $2,690. Property taxes in Sussex 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 Sussex'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 Sussex 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
Sussex, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.88%
Estimate Property Tax Bill
$7,425
Ownwell’s Sussex Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sussex with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sussex 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 Sussex, New Jersey
Property taxes in Sussex, NJ, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sussex is 2.88%, significantly higher than the U.S. national median of 0.99%. Local government entities within Sussex set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sussex 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 Sussex's effective property tax rate to other counties and the national median. For comparison, the 07461 zip code has the highest median property tax rate of 2.88%, while the 07461 zip code also has the lowest median tax rate of 2.88%. Understanding how these areas compare with Sussex provides valuable insights into the varying tax landscape across Sussex County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Sussex Tax Rate
2.88%
Average Sussex County Tax Rate
3.40%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sussex, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07461 | 2.82% | 2.82% | 2.88% | 2.88% | 2.88% |
Source: Ownwell
Property Tax Assessment Values Across Sussex, New Jersey
In Sussex, 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 Sussex 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 Sussex, 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 Sussex helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 07461 has the highest median tax bill of $7,414, which is also the lowest median tax bill in the area.
Average Sussex Assessed Value
$257,800
Average Sussex County Assessed Value
$229,300
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Sussex, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07461 | $147,360 | $200,600 | $257,800 | $327,300 | $392,800 |
Source: Ownwell
Property Tax Bills Across Sussex, New Jersey
In Sussex, 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 county assessor and reflects the market value of the property. The tax rate is set by local government entities and is applied to the assessed value to determine the annual tax bill. Homeowners in Sussex face a median property tax bill of $7,414, which is significantly higher than the national median property tax rate of 0.99%. Factors such as property size, location, and improvements can influence the assessed value, thereby affecting the tax bill. For instance, properties within the 25th percentile have tax bills around $5,867, while those in the 75th percentile see bills closer to $9,373. At the 90th percentile, homeowners might pay up to $11,186 annually. These property taxes fund essential local services, including schools, public safety, and infrastructure, making them a crucial aspect of community well-being but also a significant financial consideration for homeowners.
Average Sussex Tax Bill
$7,414
Average Sussex County Tax Bill
$7,518
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Sussex, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07461 | $4,371 | $5,867 | $7,414 | $9,373 | $11,186 |
Source: Ownwell