Gillette, New Jersey Property Taxes
The median property tax rate in Gillette, NJ is 2.20%, 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 Gillette at $486,200, the typical annual property tax bill reaches $10,642, exceeding the national median of $2,690. Property taxes in Gillette 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 Gillette'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 Gillette 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
Gillette, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.2%
Estimate Property Tax Bill
$10,696
Ownwell’s Gillette Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Gillette. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Gillette to provide an accurate estimate of your property tax bill. This tool offers a clear understanding of potential tax liabilities, making it easier to plan your finances. For those interested in more detailed insights, scroll down to explore trends at the neighborhood level. Your property’s assessed value is determined by Morris County for tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Gillette, New Jersey
Property taxes in Gillette, New Jersey, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Gillette is 2.20%, significantly higher than the U.S. national median of 0.99%. Local government entities within Gillette set these rates annually, and they can vary across different neighborhoods. Each year, Gillette 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 Gillette's effective property tax rate to other counties in New Jersey and the national median. For comparison, the zip code 07933 has both the highest and lowest median property tax rate of 2.20%. Understanding how these cities compare with Gillette provides valuable insights into the varying tax landscape across Morris County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gillette Tax Rate
2.20%
Average Morris County Tax Rate
2.63%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gillette, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07933 | 1.99% | 2.07% | 2.20% | 2.25% | 2.31% |
Source: Ownwell
Property Tax Assessment Values Across Gillette, New Jersey
In Gillette, 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 Morris 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 Gillette, 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 Gillette 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 $10,642 in the 07933 zip code, while the lowest median tax bill is also $10,642 in the same zip code.
Average Gillette Assessed Value
$486,200
Average Morris County Assessed Value
$381,800
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Gillette, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07933 | $358,880 | $407,800 | $486,200 | $640,600 | $761,860 |
Source: Ownwell
Property Tax Bills Across Gillette, New Jersey
In Gillette, NJ, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For example, with a median home price of $486,200, homeowners can expect varying tax bills depending on their property's specific assessed value and location within the county. Several factors influence the tax bill, including property size, location, and any applicable exemptions. In Morris County, where Gillette is located, the tax bill can range significantly. The 25th percentile tax bill is around $8,791, while the 75th percentile tax bill reaches $14,148, and the 90th percentile can go up to $16,987. These figures highlight the variability in tax burdens among homeowners. Compared to the national median property tax rate of 0.99%, Gillette's tax rates result in higher tax bills, reflecting the area's higher property values and local tax rates. This can significantly impact homeowners, influencing decisions on property purchases and long-term residency.
Average Gillette Tax Bill
$10,642
Average Morris County Tax Bill
$9,778
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Gillette, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07933 | $7,494 | $8,791 | $10,642 | $14,148 | $16,987 |
Source: Ownwell