Allentown, New Jersey Property Taxes
The median property tax rate in Allentown, NJ is 3.25%, 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 Allentown, the typical annual property tax bill reaches $9,555, exceeding the national median of $2,690. Property taxes in Allentown 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 Allentown'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 Allentown or another part of Mercer County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Allentown, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.25%
Estimate Property Tax Bill
$9,552
Ownwell’s Allentown Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Allentown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Allentown to provide an accurate estimate of your property tax bill. This intuitive tool offers a clear understanding of potential tax liabilities. For those interested in neighborhood-level trends, additional localized information is available below. Your property’s assessed value, determined by Mercer County, is used for property tax calculations and considers any applicable exemptions.
Property Tax Rates Across Allentown, New Jersey
Property taxes in Allentown, New Jersey, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Allentown is 3.25%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Allentown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Allentown 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 Allentown's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 08501 zip code has both the highest and lowest median property tax rate of 3.25%. Understanding how these cities compare with Allentown provides valuable insights into the varying tax landscape across Mercer County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Allentown Tax Rate
3.25%
Average Mercer County Tax Rate
3.25%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Allentown, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08501 | 3.25% | 3.25% | 3.25% | 3.25% | 3.25% |
Source: Ownwell
Property Tax Assessment Values Across Allentown, New Jersey
In Allentown, 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 Mercer 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 Allentown, 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. Notably, the highest median tax bill in Allentown is $9,555, and the lowest is also $9,555, both found in zip code 08501. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Allentown Assessed Value
$293,900
Average Mercer County Assessed Value
$216,500
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Allentown, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08501 | $255,660 | $271,900 | $293,900 | $323,600 | $401,020 |
Source: Ownwell
Property Tax Bills Across Allentown, New Jersey
In Allentown, Mercer 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 the local assessor and is intended to reflect the market value of the property. This value is then multiplied by the tax rate to determine the annual tax bill. Homeowners in Allentown face a median property tax rate significantly higher than the national median of 0.99%. For instance, the median home price in the area is $293,900, leading to substantial tax bills. The tax bill at the 25th percentile is $8,839, while at the 75th percentile, it rises to $10,520. At the 90th percentile, homeowners can expect to pay up to $13,037 annually. These high property taxes can significantly impact homeowners, influencing their overall housing costs and potentially affecting their financial planning and decisions about homeownership. Understanding these factors is crucial for residents to manage their expenses effectively.
Average Allentown Tax Bill
$9,555
Average Mercer County Tax Bill
$7,200
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Allentown, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08501 | $8,312 | $8,839 | $9,555 | $10,520 | $13,037 |
Source: Ownwell