Washington, New Jersey Property Taxes
The median property tax rate in Washington, NJ is 3.77%, 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 Washington at $180,000, the typical annual property tax bill reaches $7,677, far exceeding the national median of $2,690. Property taxes in Washington 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 Washington'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 Washington 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
Washington, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.77%
Estimate Property Tax Bill
$6,786
Ownwell’s Washington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Washington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Washington 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 Washington, New Jersey
Property taxes in Washington, 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 Washington is 3.77%, significantly higher than the U.S. national median of 0.99%. Local government entities within Washington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Washington 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 Washington's effective property tax rate to other counties in New Jersey and the national median. For comparison, the zip code 07882 has the highest median property tax rate of 3.77%, while the same zip code also has the lowest median tax rate of 3.77%. Understanding how these cities compare with Washington provides valuable insights into the varying tax landscape across Warren County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Washington Tax Rate
3.77%
Average Warren County Tax Rate
3.47%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Washington, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07882 | 3.07% | 3.77% | 3.77% | 5.24% | 5.24% |
Source: Ownwell
Property Tax Assessment Values Across Washington, New Jersey
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Washington, NJ. 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 local 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 Washington, 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. In Washington, the median home price is $180,000. The tax bills range significantly, with the 25th percentile at $6,178 and the 75th percentile at $10,149. The highest and lowest median tax bill, both at $7,677, are found in zip code 07882. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Washington Assessed Value
$180,000
Average Warren County Assessed Value
$207,000
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Washington, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07882 | $115,360 | $139,700 | $180,000 | $255,400 | $343,300 |
Source: Ownwell
Property Tax Bills Across Washington, New Jersey
In Washington, located in Warren County, NJ, property tax bills are calculated based on the assessed value of the home and the local tax rate. Homeowners in this area face a higher-than-average property tax burden compared to the national median property tax rate of 0.99%. For instance, the median home price in Washington is $180,000. Several factors contribute to the final tax bill, including the home's assessed value, any applicable exemptions, and the specific tax rate set by the local government. The tax bill can vary significantly, with the 25th percentile at $6,178 and the 75th percentile reaching $10,149. For those at the 90th percentile, the tax bill can be as high as $12,711. This variation in tax bills can significantly impact homeowners, especially those on a fixed income or with limited financial flexibility. High property taxes can influence decisions about homeownership, potentially deterring new buyers or burdening existing homeowners who may struggle to keep up with these costs.
Average Washington Tax Bill
$7,677
Average Warren County Tax Bill
$6,901
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Washington, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07882 | $5,156 | $6,178 | $7,677 | $10,149 | $12,711 |
Source: Ownwell