Hamilton Square, New Jersey Property Taxes
The median property tax rate in Hamilton Square, 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 Hamilton Square, the typical annual property tax bill reaches $3,394, exceeding the national median of $2,690. Property taxes in Hamilton Square 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 Hamilton Square'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 Hamilton Square 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
Hamilton Square, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.25%
Estimate Property Tax Bill
$3,393
Ownwell’s Hamilton Square Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Hamilton Square with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hamilton Square to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. For those 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 Mercer County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Hamilton Square, New Jersey
Property taxes in Hamilton Square, New Jersey, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hamilton Square 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 Hamilton Square set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hamilton Square 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 Hamilton Square's effective property tax rate to other areas in Mercer County and the national median. For comparison, the zip code 08690 has both the highest and lowest median property tax rate of 3.25%. Understanding how these areas compare with Hamilton Square 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 Hamilton Square 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 Hamilton Square, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08690 | 3.25% | 3.25% | 3.25% | 3.25% | 3.25% |
Source: Ownwell
Property Tax Assessment Values Across Hamilton Square, New Jersey
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Hamilton Square, 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 local appraisal authority 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 Hamilton Square, 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 Hamilton Square helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $3,394 in the 08690 zip code, which is also the lowest median tax bill, highlighting the uniformity in tax assessments within this region.
Property Tax Assessment Values Across Hamilton Square, New Jersey
Source: Ownwell
$42,000
$637,025
$1,232,050
Average Hamilton Square Assessed Value
$104,400
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 Hamilton Square, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08690 | $88,300 | $88,300 | $104,400 | $107,900 | $115,100 |
Source: Ownwell
Property Tax Bills Across Hamilton Square, New Jersey
In Hamilton Square, NJ, property tax bills are calculated based on the assessed value of a home and the local tax rate set by Mercer County. The assessed value typically reflects a percentage of the market value of the property. Homeowners in Hamilton Square can expect their tax bills to vary significantly, with the 25th percentile at $2,871 and the 75th percentile at $3,508. The highest median tax bill in the area is $3,394, found in zip code 08690, which is considerably higher than the national median property tax rate of 0.99%. Several factors influence the tax bill, including property size, location, and any applicable exemptions or appeals. These taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the quality of life for residents. Homeowners should be aware of their property’s assessed value and the local tax rate to anticipate their annual tax obligations accurately. Understanding these factors can help homeowners manage their finances and explore potential savings through appeals or exemptions.
Average Hamilton Square Tax Bill
$3,394
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 Hamilton Square, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08690 | $2,871 | $2,871 | $3,394 | $3,508 | $3,742 |
Source: Ownwell