Hightstown, New Jersey Property Taxes
The median property tax rate in Hightstown, NJ is 4.69%, 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 Hightstown at $225,150, the typical annual property tax bill reaches $10,018, exceeding the national median of $2,690. Property taxes in Hightstown 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 Hightstown'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 Hightstown 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
Hightstown, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
4.69%
Estimate Property Tax Bill
$10,560
Ownwell’s Hightstown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hightstown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hightstown 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 Hightstown, New Jersey
Property taxes in Hightstown, 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 Hightstown is 4.69%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Hightstown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hightstown 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 Hightstown's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 08520 zip code has the highest median property tax rate of 4.69%, while the same zip code also has the lowest median tax rate of 4.69%. Understanding how these cities compare with Hightstown 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 Hightstown Tax Rate
4.69%
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 Hightstown, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08520 | 3.00% | 3.43% | 4.69% | 4.69% | 4.69% |
Source: Ownwell
Property Tax Assessment Values Across Hightstown, New Jersey
In Hightstown, 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 Tax Assessor 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 Hightstown, 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 Hightstown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price is $225,150, with tax bills ranging from $8,033 at the 25th percentile to $14,588 at the 90th percentile. The zip code 08520 has the highest and lowest median tax bill, both at $10,018.
Property Tax Assessment Values Across Hightstown, New Jersey
Source: Ownwell
$42,000
$637,025
$1,232,050
Average Hightstown Assessed Value
$225,150
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 Hightstown, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08520 | $150,800 | $177,625 | $225,150 | $288,700 | $415,610 |
Source: Ownwell
Property Tax Bills Across Hightstown, New Jersey
In Hightstown, 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 Mercer County tax assessor and reflects the market value of the property. To calculate the tax bill, the assessed value is multiplied by the local tax rate. Various factors, such as property size, location, and improvements, influence the assessed value. For homeowners in Hightstown, the median home price is $225,150. The property tax rate in this region is higher than the national median of 0.99%, leading to substantial tax bills. For instance, the tax bill at the 25th percentile is $8,033, while at the 75th percentile, it rises to $12,652. At the 90th percentile, homeowners can expect to pay around $14,588. This significant range in tax bills can impact homeowners' financial planning and the overall affordability of owning property in the area. Understanding these factors is crucial for homeowners to anticipate their annual property tax obligations accurately.
Average Hightstown Tax Bill
$10,018
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 Hightstown, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08520 | $6,789 | $8,033 | $10,018 | $12,652 | $14,588 |
Source: Ownwell