Dunellen, New Jersey Property Taxes
The median property tax rate in Dunellen, NJ is 2.26%, 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 Dunellen at $913,500, the typical annual property tax bill reaches $20,582, significantly exceeding the national median of $2,690. Property taxes in Dunellen are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Dunellen'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 Dunellen 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
Dunellen, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.26%
Estimate Property Tax Bill
$20,645
Ownwell’s Dunellen Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Dunellen with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Dunellen 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 Dunellen, New Jersey
Property taxes in Dunellen, 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 Dunellen is 2.26%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Dunellen set these rates annually, and they can vary significantly across different neighborhoods. Each year, Dunellen 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 Dunellen's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 08812 zip code has the highest median property tax rate of 2.26%, while the same 08812 zip code also has the lowest median tax rate of 2.26%. Understanding how these cities compare with Dunellen provides valuable insights into the varying tax landscape across Somerset County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Dunellen Tax Rate
2.26%
Average Somerset County Tax Rate
2.05%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Dunellen, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08812 | 2.20% | 2.23% | 2.26% | 2.31% | 2.36% |
Source: Ownwell
Property Tax Assessment Values Across Dunellen, New Jersey
In Dunellen, 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 Somerset 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 Dunellen, 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 Dunellen helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 08812 has both the highest and lowest median tax bill at $20,582, reflecting the uniformity in property tax assessments in the area.
Average Dunellen Assessed Value
$913,500
Average Somerset County Assessed Value
$415,100
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Dunellen, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08812 | $622,900 | $841,250 | $913,500 | $973,700 | $1,039,220 |
Source: Ownwell
Property Tax Bills Across Dunellen, New Jersey
In Dunellen, Somerset County, NJ, property tax bills are calculated based on the assessed value of a home and the applicable tax rate. The assessed value is determined by the local tax assessor and reflects the market value of the property. Homeowners in Dunellen face a median property tax rate of 2.25%, significantly higher than the national median of 0.99%. Several factors influence the tax bill, including the property's location, size, and condition. For example, a home with a median market price of $913,500 can expect a tax bill ranging from $19,362 at the 25th percentile to $22,228 at the 75th percentile, with the 90th percentile reaching $23,434. The highest and lowest median tax bills in Dunellen are both recorded at $20,582. This high property tax rate can significantly impact homeowners by increasing their annual financial obligations. It is essential for residents to understand these factors to manage their expenses effectively and explore potential exemptions or appeals to reduce their tax burden.
Average Dunellen Tax Bill
$20,582
Average Somerset County Tax Bill
$9,311
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Dunellen, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08812 | $13,943 | $19,362 | $20,582 | $22,228 | $23,434 |
Source: Ownwell