Oldwick, New Jersey Property Taxes
The median property tax rate in Oldwick, NJ is 2.27%, 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 Oldwick, the typical annual property tax bill reaches $12,769, exceeding the national median of $2,690. Property taxes in Oldwick 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 Oldwick'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 Oldwick 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
Oldwick, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.27%
Estimate Property Tax Bill
$12,752
Ownwell’s Oldwick Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Oldwick with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Oldwick 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 Oldwick, New Jersey
Property taxes in Oldwick, 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 Oldwick is 2.27%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Oldwick set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oldwick 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 Oldwick's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 08858 zip code has the highest median property tax rate of 2.27%, while the same zip code has the lowest median tax rate of 2.27%. Understanding how these areas compare with Oldwick 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 Oldwick Tax Rate
2.27%
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 Oldwick, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08858 | 2.27% | 2.27% | 2.27% | 2.27% | 2.27% |
Source: Ownwell
Property Tax Assessment Values Across Oldwick, New Jersey
In Oldwick, 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 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 Oldwick, 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 Oldwick helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Homeowners in the 08858 zip code experience the highest median tax bill of $12,769.
Average Oldwick Assessed Value
$561,750
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 Oldwick, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08858 | $347,600 | $421,950 | $561,750 | $774,625 | $1,053,000 |
Source: Ownwell
Property Tax Bills Across Oldwick, New Jersey
In Oldwick, located in Hunterdon County, 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 local assessors who evaluate the property's market value and then apply an assessment ratio. The local tax rate is set by the county and municipal governments to fund public services such as schools, infrastructure, and emergency services. For homeowners in Oldwick, the median home price is $561,750, with property tax bills varying significantly. The tax bill at the 25th percentile is $9,591, while at the 75th percentile, it rises to $17,607. At the 90th percentile, homeowners might see bills as high as $23,935. The highest and lowest median tax bills in the area are both $12,769, found in zip code 08858. Compared to the national median property tax rate of 0.99%, Oldwick's property taxes can be considerably higher, affecting homeowners by increasing their annual housing costs. This can impact affordability and influence decisions on buying or selling property in the area.
Average Oldwick Tax Bill
$12,769
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 Oldwick, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08858 | $7,901 | $9,591 | $12,769 | $17,607 | $23,935 |
Source: Ownwell