Newton, New Jersey Property Taxes
The median property tax rate in Newton, NJ is 2.42%, 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 Newton at $321,700, the typical annual property tax bill reaches $7,747, far exceeding the national median of $2,690. Property taxes in Newton 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 Newton'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 Newton 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
Newton, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.42%
Estimate Property Tax Bill
$7,785
Ownwell’s Newton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Newton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Newton 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 Newton, New Jersey
Property taxes in Newton, 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 Newton is 2.42%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Newton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Newton 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 Newton's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 07860 zip code has the highest median property tax rate of 2.42%, while the same 07860 zip code also has the lowest median tax rate of 2.42%. Understanding how these figures compare with Newton 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 Newton Tax Rate
2.42%
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 Newton, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07860 | 2.42% | 2.42% | 2.42% | 2.42% | 2.42% |
Source: Ownwell
Property Tax Assessment Values Across Newton, New Jersey
In Newton, 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 local 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 Newton, 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 Newton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Newton is $321,700, with tax bills ranging from $6,076 at the 25th percentile to $10,818 at the 90th percentile. The highest and lowest median tax bill in the area is $7,747, found in the 07860 zip code.
Average Newton Assessed Value
$321,700
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 Newton, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07860 | $199,380 | $251,600 | $321,700 | $396,100 | $447,400 |
Source: Ownwell
Property Tax Bills Across Newton, New Jersey
In Newton, 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 assessor's office and reflects the market value of the property. The tax rate, expressed as a percentage, is applied to this assessed value to calculate the annual tax bill. Several factors influence the tax bill, including the property's location, size, and any improvements or modifications made. Homeowners in Newton face a median property tax rate that is significantly higher than the national median of 0.99%. For instance, the median home price in Newton is $321,700, leading to substantial property tax bills. The 25th percentile of tax bills is $6,076, while the 75th percentile reaches $9,578, and the 90th percentile can go up to $10,818. This high property tax burden can significantly impact homeowners, affecting their overall cost of living and financial planning. Understanding these factors is crucial for homeowners to manage their expenses effectively.
Average Newton Tax Bill
$7,747
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 Newton, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07860 | $4,821 | $6,076 | $7,747 | $9,578 | $10,818 |
Source: Ownwell