Carteret, New Jersey Property Taxes
The median property tax rate in Carteret, NJ is 3.02%, significantly higher than both the national median of 0.99% and the New Jersey state median of 2.82%. With the median home value in Carteret at $238,100, the typical annual property tax bill reaches $6,937, far exceeding the national median of $2,690. Property taxes in Carteret are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Carteret'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 Carteret 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
Carteret, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.02%
Estimate Property Tax Bill
$7,191
Ownwell’s Carteret Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Carteret with just two simple data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Carteret to provide an accurate estimate of your property tax bill. This valuable tool helps you anticipate potential tax liabilities, making it easier to plan your finances. For those interested in neighborhood-specific trends, further localized information is available below. Your property’s assessed value is determined by Middlesex County for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Carteret, New Jersey
Property taxes in Carteret, New Jersey, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Carteret is 3.02%, significantly higher than the U.S. national median of 0.99%. Local government entities within Carteret set these rates annually, and they can vary significantly across different neighborhoods. Each year, Carteret 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 Carteret's effective property tax rate to other areas in New Jersey and the national median. For comparison, the zip code 07008 has the highest median property tax rate of 3.02%, while the same zip code also has the lowest median tax rate of 3.02%. Understanding how these areas compare with Carteret provides valuable insights into the varying tax landscape across Middlesex County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Carteret Tax Rate
3.02%
Average Middlesex County Tax Rate
5.10%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Carteret, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07008 | 2.61% | 2.84% | 3.02% | 3.02% | 3.02% |
Source: Ownwell
Property Tax Assessment Values Across Carteret, New Jersey
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Carteret, NJ. The market value represents the price a willing buyer would pay a willing seller in an open market, influenced by factors like location, property condition, and economic trends. This value is estimated by the local assessment office 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 Carteret, 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. The median home price in Carteret is $238,100, with tax bills ranging from $6,049 at the 25th percentile to $8,936 at the 90th percentile. The zip code 07008 has both the highest and lowest median tax bill at $6,937. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage their tax burden.
Average Carteret Assessed Value
$238,100
Average Middlesex County Assessed Value
$158,000
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Carteret, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07008 | $188,010 | $213,400 | $238,100 | $266,700 | $308,030 |
Source: Ownwell
Property Tax Bills Across Carteret, New Jersey
In Carteret, 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 tax assessor and is meant to reflect the market value of the property. This value is then multiplied by the local tax rate to determine the annual tax bill. In Middlesex County, where Carteret is located, the median home price is $238,100. Homeowners in Carteret typically see a tax bill ranging from $6,049 at the 25th percentile to $8,936 at the 90th percentile. The median property tax bill in Carteret is notably higher than the national median property tax rate of 0.99%. This higher tax bill can significantly impact homeowners, influencing their overall cost of living and financial planning. Understanding these factors is crucial for homeowners in Carteret to effectively manage their finances and anticipate future tax obligations.
Average Carteret Tax Bill
$6,937
Average Middlesex County Tax Bill
$7,840
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Carteret, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07008 | $5,021 | $6,049 | $6,937 | $7,810 | $8,936 |
Source: Ownwell