Hopewell, New Jersey Property Taxes
The median property tax rate in Hopewell, NJ is 3.22%, 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 Hopewell at $383,650, the typical annual property tax bill reaches $11,865, significantly exceeding the national median of $2,690. Property taxes in Hopewell 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 Hopewell'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 Hopewell 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
Hopewell, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.22%
Estimate Property Tax Bill
$12,354
Ownwell’s Hopewell Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, or potential buyers to estimate their annual property taxes in Hopewell with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hopewell 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 Hopewell, New Jersey
Property taxes in Hopewell, New Jersey, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hopewell is 3.22%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Hopewell set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hopewell 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 Hopewell's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 08525 zip code has the highest median property tax rate of 3.22%, while the same zip code also has the lowest median tax rate of 3.22%. Understanding how these cities compare with Hopewell 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 Hopewell Tax Rate
3.22%
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 Hopewell, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08525 | 3.17% | 3.22% | 3.22% | 3.22% | 3.22% |
Source: Ownwell
Property Tax Assessment Values Across Hopewell, New Jersey
In Hopewell, 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 Hopewell, 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 Hopewell helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Hopewell is $11,865 in the 08525 zip code, which is also the lowest.
Average Hopewell Assessed Value
$383,650
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 Hopewell, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08525 | $322,540 | $332,900 | $383,650 | $448,125 | $1,043,290 |
Source: Ownwell
Property Tax Bills Across Hopewell, New Jersey
In Hopewell, 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 county assessor and is intended to reflect the market value of the property. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual property tax bill. For instance, the median home price in Hopewell is around $383,650, leading to a significant tax bill. Homeowners in the 25th percentile can expect to pay approximately $10,729, while those in the 75th percentile might see bills around $14,346. The top 10% of homeowners face even higher taxes, with bills reaching up to $33,625. These property taxes contribute to local services such as schools, public safety, and infrastructure. However, the high tax bills can be a financial burden for homeowners, especially when compared to the national median property tax rate of 0.99%. Understanding these factors is crucial for homeowners to manage their financial planning effectively.
Average Hopewell Tax Bill
$11,865
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 Hopewell, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08525 | $10,395 | $10,729 | $11,865 | $14,346 | $33,625 |
Source: Ownwell