Hibernia, New Jersey Property Taxes
The median property tax rate in Hibernia, NJ is 2.72%, 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 Hibernia, the typical annual property tax bill reaches $7,816, exceeding the national median of $2,690. Property taxes in Hibernia 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 Hibernia'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 Hibernia 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
Hibernia, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.72%
Estimate Property Tax Bill
$8,349
Ownwell’s Hibernia Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Hibernia with just two simple inputs. By entering your property's estimated assessed value, the calculator uses the median tax rate in Hibernia to provide an accurate estimate of your property tax bill. This powerful tool helps you anticipate potential tax liabilities, ensuring you are well-prepared. For those interested in more detailed insights, including neighborhood-level trends, additional localized information is available below. Your property’s assessed value, determined by the county, is crucial for these calculations and considers any applicable exemptions.
Property Tax Rates Across Hibernia, New Jersey
Property taxes in Hibernia, 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 Hibernia is 2.72%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Hibernia set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hibernia 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 Hibernia's effective property tax rate to other counties in New Jersey and the national median. For comparison, the zip code 07842 has the highest median property tax rate of 2.72%, while the same zip code also has the lowest median tax rate of 2.72%. Understanding how these cities compare with Hibernia 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 Hibernia Tax Rate
2.72%
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 Hibernia, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07842 | 2.44% | 2.71% | 2.72% | 2.72% | 2.73% |
Source: Ownwell
Property Tax Assessment Values Across Hibernia, New Jersey
In Hibernia, 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 Hibernia, 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 Hibernia 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 $7,816 in zip code 07842, which also represents the lowest median tax bill in the region.
Average Hibernia Assessed Value
$306,950
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 Hibernia, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07842 | $215,400 | $253,075 | $306,950 | $359,325 | $416,900 |
Source: Ownwell
Property Tax Bills Across Hibernia, New Jersey
In Hibernia, property tax bills are calculated based on the assessed value of a property, which is determined by local assessors. The tax rate applied to this assessed value is set by the local government and school districts to fund public services. Homeowners in Hibernia, located in Morris County, face property tax rates that can significantly affect their annual expenses. For example, the median home price in Hibernia is $306,950, and the property tax bill at the 25th percentile is $6,678. This means that even homes valued lower than the median can incur substantial tax bills. In comparison to the national median property tax rate of 0.99%, Hibernia's tax bills are notably higher. At the 75th percentile, homeowners can expect to pay around $9,635, while those at the 90th percentile may see tax bills as high as $11,255. This high tax burden underscores the importance for homeowners to understand how their property is assessed and to explore potential exemptions or appeals to manage their expenses effectively.
Average Hibernia Tax Bill
$7,816
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 Hibernia, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07842 | $5,415 | $6,678 | $7,816 | $9,635 | $11,255 |
Source: Ownwell