Flemington, New Jersey Property Taxes
The median property tax rate in Flemington, NJ is 2.66%, 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 Flemington, the typical annual property tax bill reaches $10,085, far exceeding the national median of $2,690. Property taxes in Flemington are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Flemington'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 Flemington 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
Flemington, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.66%
Estimate Property Tax Bill
$10,019
Ownwell’s Flemington Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Flemington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Flemington to provide an accurate estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities and plan accordingly. For those interested in more localized information, scrolling down reveals trends on a neighborhood level. Your property’s assessed value, determined by Hunterdon County, is used for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Flemington, New Jersey
Property taxes in Flemington, NJ, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Flemington is 2.66%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Flemington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Flemington 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 Flemington's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 08822 zip code has the highest median property tax rate of 2.66%, while the same zip code also has the lowest median tax rate of 2.66%. Understanding how these cities compare with Flemington provides valuable insights into the varying tax landscape across Hunterdon County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Flemington Tax Rate
2.66%
Average Hunterdon County Tax Rate
2.66%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Flemington, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08822 | 2.53% | 2.66% | 2.66% | 2.66% | 2.82% |
Source: Ownwell
Property Tax Assessment Values Across Flemington, New Jersey
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Flemington, 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 Hunterdon 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 Flemington, 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 Flemington helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 08822 has the highest and lowest median tax bills at $10,085.
Average Flemington Assessed Value
$376,650
Average Hunterdon County Assessed Value
$364,050
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Flemington, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08822 | $215,890 | $273,000 | $376,650 | $488,000 | $604,540 |
Source: Ownwell
Property Tax Bills Across Flemington, New Jersey
In Flemington, Hunterdon County, NJ, property tax bills are calculated based on the assessed value of a property, which is determined by local tax assessors. The assessed value is a percentage of the property's market value. Homeowners in Flemington face a median tax bill of $10,085, significantly higher than the national median property tax rate of 0.99%. Several factors influence the tax bill, including the property's location, size, and any improvements made. The tax rate applied to the assessed value is set by local government and is used to fund essential services such as schools, public safety, and infrastructure. For instance, homeowners in the 25th percentile pay around $7,434, while those in the 75th percentile pay approximately $12,874. The top 10% of property tax bills can reach up to $15,840. These high property taxes can impact homeowners by increasing their overall cost of living, but they also contribute to maintaining quality public services and community infrastructure.
Average Flemington Tax Bill
$10,085
Average Hunterdon County Tax Bill
$10,015
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Flemington, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08822 | $5,784 | $7,434 | $10,085 | $12,874 | $15,840 |
Source: Ownwell