Skillman, New Jersey Property Taxes
The median property tax rate in Skillman, NJ is 2.99%, 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 Skillman at $1,232,050, the typical annual property tax bill reaches $36,875, far exceeding the national median of $2,690. Property taxes in Skillman 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 Skillman'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 Skillman 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
Skillman, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.99%
Estimate Property Tax Bill
$36,838
Ownwell’s Skillman Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Skillman with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Skillman 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 Skillman, New Jersey
Property taxes in Skillman, New Jersey, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Skillman is 2.99%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Skillman set these rates annually, and they can vary significantly across different neighborhoods. Each year, Skillman 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 Skillman's effective property tax rate to other regions in New Jersey and the national median. For comparison, the 08558 zip code has the highest median property tax rate of 2.99%, while the same zip code also has the lowest median tax rate of 2.99%. Understanding how these cities compare with Skillman 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 Skillman Tax Rate
2.99%
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 Skillman, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08558 | 2.99% | 2.99% | 2.99% | 2.99% | 2.99% |
Source: Ownwell
Property Tax Assessment Values Across Skillman, New Jersey
In Skillman, 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 Skillman, 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 Skillman helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest median tax bill in Skillman is $36,875 in the zip code 08558, which is also the lowest median tax bill.
Average Skillman Assessed Value
$1,232,050
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 Skillman, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08558 | $707,190 | $1,050,000 | $1,232,050 | $1,316,800 | $1,386,970 |
Source: Ownwell
Property Tax Bills Across Skillman, New Jersey
In Skillman, located in Mercer County, NJ, property tax bills are calculated based on the assessed value of the home and the local tax rate. The assessed value is determined by the local tax assessor and is meant to reflect the market value of the property. Homeowners in Skillman face a property tax rate that is significantly higher than the national median property tax rate of 0.99%. For example, the median home price in Skillman is $1,232,050, which results in substantial property tax bills. The tax bill at the 25th percentile is $31,426, while at the 75th percentile, it climbs to $39,552. At the 90th percentile, homeowners can expect a tax bill of $41,512. The highest and lowest median tax bills in Skillman are both $36,875, reflecting the consistency in property tax rates across the area. These high property taxes can significantly impact homeowners, affecting their overall cost of living and financial planning. Understanding these factors is essential for current and prospective homeowners in Skillman.
Average Skillman Tax Bill
$36,875
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 Skillman, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08558 | $21,166 | $31,426 | $36,875 | $39,552 | $41,512 |
Source: Ownwell