Hamburg, New Jersey Property Taxes
The median property tax rate in Hamburg, NJ is 2.99%, 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 Hamburg, the typical annual property tax bill reaches $6,719, exceeding the national median of $2,690. Property taxes in Hamburg 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 Hamburg'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 Hamburg 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
Hamburg, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.99%
Estimate Property Tax Bill
$6,044
Ownwell’s Hamburg Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Hamburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hamburg to provide an estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities. For those interested in more granular details, localized information is available further down the page. Your property’s assessed value is determined by Sussex County for property tax calculations, factoring in any applicable exemptions.
Property Tax Rates Across Hamburg, New Jersey
Property taxes in Hamburg, 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 Hamburg is 2.99%, significantly higher than the U.S. national median of 0.99%. Local government entities within Hamburg set these rates annually, and they can vary across different neighborhoods. Each year, Hamburg 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. Understanding how these rates compare with those in other counties in New Jersey and the national median 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 Hamburg Tax Rate
2.99%
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 Hamburg, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07419 | 2.99% | 2.99% | 2.99% | 4.56% | 4.56% |
Source: Ownwell
Property Tax Assessment Values Across Hamburg, New Jersey
In Hamburg, 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 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 Hamburg, 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 Hamburg helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Hamburg is $202,150, with the highest and lowest median tax bills both recorded at $6,719 in the 07419 zip code.
Average Hamburg Assessed Value
$202,150
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 Hamburg, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07419 | $113,700 | $162,000 | $202,150 | $265,300 | $348,500 |
Source: Ownwell
Property Tax Bills Across Hamburg, New Jersey
In Hamburg, NJ, property tax bills are calculated based on the assessed value of a home and the local tax rate set by Sussex County. The assessed value is determined by the local tax assessor and typically reflects a percentage of the property's market value. Several factors influence the tax bill, including property size, location, and any improvements made to the home. For homeowners in Hamburg, the median home price is $202,150. Property tax bills can vary significantly, with the 25th percentile at $5,400 and the 75th percentile reaching $9,025. At the 90th percentile, homeowners might see tax bills as high as $10,853. Comparing these figures to the national median property tax rate of 0.99%, Hamburg's tax rates are notably higher, impacting homeowners by increasing their annual expenses. This can affect affordability and the overall cost of homeownership in the area. The highest and lowest median tax bills in Hamburg are both $6,719, indicating a consistent tax burden across different properties within the same zip code.
Average Hamburg Tax Bill
$6,719
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 Hamburg, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07419 | $4,522 | $5,400 | $6,719 | $9,025 | $10,853 |
Source: Ownwell