Princeton Junction, New Jersey Property Taxes
The median property tax rate in Princeton Junction, NJ is 2.88%, 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 Princeton Junction, the typical annual property tax bill reaches $16,455, exceeding the national median of $2,690. Property taxes in Princeton Junction 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 Princeton Junction'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 Princeton Junction 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
Princeton Junction, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.88%
Estimate Property Tax Bill
$16,491
Ownwell’s Princeton Junction Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Princeton Junction with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Princeton Junction 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 Princeton Junction, New Jersey
Property taxes in Princeton Junction, 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 Princeton Junction is 2.88%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Princeton Junction set these rates annually, and they can vary significantly across different neighborhoods. Each year, Princeton Junction 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 Princeton Junction's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 08550 zip code has the highest median property tax rate of 2.88%, while the same zip code also has the lowest median tax rate of 2.88%. Understanding how these cities compare with Princeton Junction 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 Princeton Junction Tax Rate
2.88%
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 Princeton Junction, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08550 | 2.88% | 2.88% | 2.88% | 2.88% | 2.88% |
Source: Ownwell
Property Tax Assessment Values Across Princeton Junction, New Jersey
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Princeton Junction, 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 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. 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 Princeton Junction helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in the area both amount to $16,455, found in the zip code 08550.
Property Tax Assessment Values Across Princeton Junction, New Jersey
Source: Ownwell
$42,000
$637,025
$1,232,050
Average Princeton Junction Assessed Value
$572,600
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 Princeton Junction, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08550 | $306,400 | $416,975 | $572,600 | $682,975 | $797,310 |
Source: Ownwell
Property Tax Bills Across Princeton Junction, New Jersey
In Princeton Junction, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. Homeowners in Mercer County, NJ, typically see higher property tax bills compared to the national median property tax rate of 0.99%. The median home price in Princeton Junction is $572,600, contributing to substantial tax bills. For example, the tax bill at the 25th percentile is $12,004, while at the 75th percentile, it rises to $19,603. At the 90th percentile, homeowners can expect to pay around $22,922. The highest median tax bill in the area is $16,455, and the lowest median tax bill is also $16,455, both in the 08550 zip code. These figures reflect the significant impact of property taxes on homeowners, affecting their overall cost of living and financial planning. High property taxes can influence decisions on home purchases and long-term residency in the area.
Average Princeton Junction Tax Bill
$16,455
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 Princeton Junction, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08550 | $8,795 | $12,004 | $16,455 | $19,603 | $22,922 |
Source: Ownwell