Bayonne, New Jersey Property Taxes
The median property tax rate in Bayonne, NJ is 2.63%, significantly higher than both the national median of 0.99% and the New Jersey state median of 2.82%. With the median home value in Bayonne at $398,500, the typical annual property tax bill amounts to $10,493, far exceeding the national median of $2,690. Property taxes in Bayonne are calculated based on the assessed value, which often falls below the market value due to exemptions like primary residence and agricultural exemptions. Understanding Bayonne'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 Bayonne 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
Bayonne, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.63%
Estimate Property Tax Bill
$10,481
Ownwell’s Bayonne Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bayonne with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bayonne 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 Bayonne, New Jersey
Property taxes in Bayonne, 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 Bayonne is 2.63%, significantly higher than the U.S. national median of 0.99%. Local government entities within Bayonne set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bayonne 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 Bayonne's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 07002 zip code has the highest median property tax rate of 2.63%, while the 07002 zip code also has the lowest median tax rate of 2.63%. Understanding how these cities compare with Bayonne provides valuable insights into the varying tax landscape across Hudson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bayonne Tax Rate
2.63%
Average Hudson County Tax Rate
2.12%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bayonne, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07002 | 2.63% | 2.63% | 2.63% | 2.63% | 2.63% |
Source: Ownwell
Property Tax Assessment Values Across Bayonne, New Jersey
In Bayonne, 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 Hudson County Board of Taxation 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 Bayonne, 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 Bayonne helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Bayonne is $10,493 in the 07002 zip code, which is also the lowest median tax bill.
Average Bayonne Assessed Value
$398,500
Average Hudson County Assessed Value
$357,200
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bayonne, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07002 | $255,650 | $331,350 | $398,500 | $475,600 | $545,200 |
Source: Ownwell
Property Tax Bills Across Bayonne, New Jersey
In Bayonne, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the county assessor and reflects a percentage of the property's market value. Once the assessed value is established, it is multiplied by the local tax rate to calculate the annual property tax bill. Several factors influence the final tax bill, including property location, size, and any applicable exemptions. For example, Bayonne residents in Hudson County face a median property tax bill of $10,493, which is significantly higher than the national median property tax rate of 0.99%. Homeowners in the 25th percentile pay around $8,723, while those in the 75th percentile see bills as high as $12,509. The highest tax bills, in the 90th percentile, can reach up to $14,292. These substantial property tax bills can impact homeowners by increasing the overall cost of homeownership, potentially influencing decisions about buying, selling, or maintaining a property.
Average Bayonne Tax Bill
$10,493
Average Hudson County Tax Bill
$8,581
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Bayonne, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07002 | $6,727 | $8,723 | $10,493 | $12,509 | $14,292 |
Source: Ownwell