Branchville, New Jersey Property Taxes
The median property tax rate in Branchville, NJ is 2.82%, 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 Branchville, the typical annual property tax bill reaches $6,698, exceeding the national median of $2,690. Property taxes in Branchville 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 Branchville'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 Branchville 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
Branchville, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.82%
Estimate Property Tax Bill
$6,970
Ownwell’s Branchville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Branchville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Branchville 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 Branchville, New Jersey
Property taxes in Branchville, 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 Branchville is 2.82%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Branchville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Branchville 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 Branchville's effective property tax rate to other areas in Sussex County and the national median. For comparison, the 07827 zip code has the highest median property tax rate of 2.89%, while the 07826 zip code has the lowest median tax rate of 2.82%. Understanding how these areas compare with Branchville provides valuable insights into the varying tax landscape across Sussex County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Branchville Tax Rate
2.82%
Average Sussex County Tax Rate
3.40%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Branchville, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07826 | 2.36% | 2.81% | 2.81% | 2.82% | 2.82% |
| 07827 | 2.89% | 2.89% | 2.89% | 2.89% | 2.89% |
Source: Ownwell
Property Tax Assessment Values Across Branchville, New Jersey
In Branchville, 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 Sussex County Tax Assessor 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 Branchville, 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 Branchville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Sussex County is $6,708 in the 07826 zip code, while the lowest median tax bill is $2,018 in the 07827 zip code.
Average Branchville Assessed Value
$247,150
Average Sussex County Assessed Value
$229,300
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Branchville, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07826 | $145,590 | $195,400 | $247,200 | $321,675 | $415,330 |
| 07827 | $49,420 | $51,850 | $69,800 | $152,725 | $272,110 |
Source: Ownwell
Property Tax Bills Across Branchville, New Jersey
In Branchville, Sussex County, 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 typically reflects a percentage of the property's market value. For instance, with a median home price of $247,150, the tax bill can vary significantly. Homeowners in the 25th percentile pay around $5,275 annually, while those in the 75th percentile face bills up to $8,976. The 90th percentile sees even higher tax bills, reaching $11,533. Several factors influence these calculations, including property size, location, and any improvements made to the home. Compared to the national median property tax rate of 0.99%, Branchville's rates are notably higher, leading to substantial financial implications for homeowners. The highest median tax bill in the area is $6,708 in zip code 07826, while the lowest is $2,018 in zip code 07827. These variations underscore the importance of understanding local tax assessments and rates.
Average Branchville Tax Bill
$6,698
Average Sussex County Tax Bill
$7,518
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Branchville, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07826 | $4,061 | $5,279 | $6,708 | $8,976 | $11,540 |
| 07827 | $1,429 | $1,499 | $2,018 | $4,415 | $7,867 |
Source: Ownwell