Jersey City, New Jersey Property Taxes
The median property tax rate in Jersey City, NJ is 2.12%, 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 Jersey City at $415,000, the typical annual property tax bill reaches $8,199, significantly exceeding the national median of $2,690. Property taxes in Jersey City 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 Jersey City'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 Jersey City or another part of Hudson County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Jersey City, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.12%
Estimate Property Tax Bill
$8,798
Ownwell’s Jersey City Property Tax Bill Calculator allows homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Jersey City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Jersey City to provide an estimate of 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 Hudson County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Jersey City, New Jersey
Property taxes in Jersey City, NJ, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Jersey City is 2.12%, significantly higher than the U.S. national median of 0.99%. Local government entities within Jersey City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Jersey City 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 Jersey City's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 07302 zip code has the highest median property tax rate of 2.12%, while the same zip code also has the lowest median tax rate of 2.12%. Understanding how these areas compare with Jersey City 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 Jersey City Tax Rate
2.12%
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 Jersey City, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07302 | 2.12% | 2.12% | 2.12% | 2.12% | 2.12% |
| 07304 | 2.12% | 2.12% | 2.12% | 2.12% | 2.12% |
| 07305 | 2.12% | 2.12% | 2.12% | 2.12% | 2.12% |
| 07306 | 2.12% | 2.12% | 2.12% | 2.12% | 2.12% |
| 07307 | 2.12% | 2.12% | 2.12% | 2.12% | 2.12% |
| 07310 | 2.12% | 2.12% | 2.12% | 2.12% | 2.12% |
Source: Ownwell
Property Tax Assessment Values Across Jersey City, New Jersey
In Jersey City, 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 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 Jersey City, 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. Jersey City has a median home price of $415,000, with the 25th percentile tax bill at $5,926 and the 75th percentile at $11,668. The highest median tax bill is found in the 07302 zip code at $15,173, while the lowest median tax bill is in the 07305 zip code at $6,223. 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 Jersey City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Jersey City Assessed Value
$415,000
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 Jersey City, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07302 | $429,400 | $549,425 | $732,050 | $1,000,000 | $1,359,120 |
| 07304 | $182,000 | $243,775 | $319,800 | $429,325 | $560,500 |
| 07305 | $203,400 | $248,100 | $293,650 | $355,400 | $454,950 |
| 07306 | $194,900 | $281,600 | $391,300 | $510,450 | $650,000 |
| 07307 | $240,510 | $353,800 | $450,750 | $582,700 | $730,390 |
| 07310 | $446,640 | $588,300 | $693,400 | $939,800 | $1,147,900 |
Source: Ownwell
Property Tax Bills Across Jersey City, New Jersey
In Jersey City, property tax bills are determined by the assessed value of a home and the local tax rate. The assessed value is typically a percentage of the property's market value, which is influenced by factors such as location, size, and condition. For example, a median home price in the area is $415,000. The tax rate in Jersey City is relatively high compared to the national median property tax rate of 0.99%. Homeowners in Jersey City can expect their annual property tax bills to vary significantly. The 25th percentile of tax bills is around $5,926, while the 75th percentile reaches up to $11,668. For those in the 90th percentile, tax bills can soar to $16,951. The highest median tax bill in the area is $15,173, found in the 07302 zip code, whereas the lowest median tax bill is $6,223 in the 07305 zip code. These variations significantly impact homeowners, influencing their overall cost of living and financial planning.
Average Jersey City Tax Bill
$8,199
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 Jersey City, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07302 | $8,426 | $10,729 | $15,173 | $21,710 | $29,199 |
| 07304 | $3,789 | $5,172 | $6,754 | $9,133 | $11,688 |
| 07305 | $4,350 | $5,259 | $6,223 | $7,506 | $9,415 |
| 07306 | $4,069 | $5,861 | $8,070 | $10,603 | $13,614 |
| 07307 | $5,045 | $7,445 | $9,467 | $11,897 | $15,165 |
| 07310 | $9,457 | $12,121 | $14,686 | $19,813 | $25,035 |
Source: Ownwell