Hope, New Jersey Property Taxes
The median property tax rate in Hope, NJ is 2.98%, 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 Hope, the typical annual property tax bill reaches $13,055, exceeding the national median of $2,690. Property taxes in Hope 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 Hope'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 Hope 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
Hope, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.98%
Estimate Property Tax Bill
$12,453
Ownwell’s HOPE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in HOPE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in HOPE 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 Hope, New Jersey
Property taxes in Hope, New Jersey, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Hope is 2.98%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Hope set these rates annually, and they can vary across different neighborhoods. Each year, Hope 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 Hope's effective property tax rate to other areas in New Jersey and the national median. For comparison, the 07844 zip code has the highest median property tax rate of 2.98%, while the same zip code also has the lowest median tax rate of 2.98%. Understanding how these figures compare with Hope provides valuable insights into the varying tax landscape across Warren County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hope Tax Rate
2.98%
Average Warren County Tax Rate
3.47%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hope, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07844 | 2.89% | 2.92% | 2.98% | 3.05% | 3.09% |
Source: Ownwell
Property Tax Assessment Values Across Hope, New Jersey
In Hope, 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 Warren 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 Hope, 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. The median home price in Hope is $417,900, with the 25th percentile tax bill at $10,606 and the 75th percentile tax bill at $13,190. The highest and lowest median tax bills are both $13,055 in zip code 07844. By understanding 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 Hope helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Hope Assessed Value
$417,900
Average Warren County Assessed Value
$207,000
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hope, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07844 | $302,780 | $345,950 | $417,900 | $441,150 | $455,100 |
Source: Ownwell
Property Tax Bills Across Hope, New Jersey
Property tax bills in Hope, located in Warren County, NJ, are determined by multiplying the assessed value of a property by the local tax rate. The assessed value is an estimate of the property's market value, determined by the local assessor. Several factors influence this value, including the property's size, location, and condition. Homeowners in Hope face significant property tax bills, with the median home price at $417,900. For instance, the 25th percentile tax bill is $10,606, while the 75th percentile tax bill reaches $13,190. The highest median tax bill in the area is recorded at $13,055, which is considerably higher than the national median property tax rate of 0.99%. These substantial tax bills impact homeowners by increasing the cost of owning property in this region. Understanding these factors can help homeowners anticipate their tax obligations and plan their finances accordingly.
Average Hope Tax Bill
$13,055
Average Warren County Tax Bill
$6,901
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Hope, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07844 | $9,137 | $10,606 | $13,055 | $13,190 | $13,271 |
Source: Ownwell