Property Taxes in New Jersey
The median New Jersey property tax rate is 2.82%, significantly higher than the national median of 0.99%. With a median home value of $282,900, the median New Jersey property tax bill is $8,227 a year. Compared to the national median annual property tax bill of $2,775, this is much higher. Property taxes in New Jersey are calculated based on the tax assessed value, which typically falls below the actual market value due to property tax exemptions, such as the primary residence or agriculture exemption. Understanding your county's specific property tax system, exploring property tax exemptions, and recognizing opportunities for property tax reductions can lead to significant annual tax savings. Whether you're in Newark, Jersey City, or any other locale in New Jersey, familiarizing yourself with the property taxes in your location can benefit homeowners and investors alike.
Last Updated June 14, 2024
New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.82%
Estimate Property Tax Bill
$7,978
$7,403
Ownwell’s New Jersey Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner to estimate their annual property taxes in New Jersey with just 2 data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in New Jersey to estimate your property tax bill. This insight helps you understand potential tax liabilities. If you’d like to see trends on a county or city level, scroll down to navigate to a more local informational page. Your property assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across New Jersey
Property taxes in New Jersey fund essential local services such as public schools, road maintenance, and emergency services. The median tax rate in New Jersey is 2.82% compared to the median tax rate in the United States of 0.99%. The tax rate is set by local government entities, and it can vary widely between different areas within New Jersey. Put simply, each county estimates its required budget to provide services for the upcoming year, and then divides that by the total value of all taxable property within their jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, that is the process followed each year. Compare a New Jersey county’s effective property tax rate to other counties in New Jersey or the US median property tax rate below. Middlesex County has the highest property tax rate in New Jersey at 5.10%. Cape May County has the lowest property tax rate in New Jersey at 1.07%.
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across New Jersey
| County | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Atlantic | 1.74% | 2.72% | 3.23% | 3.34% | 3.78% |
| Bergen | 1.69% | 2.35% | 2.73% | 3.12% | 3.36% |
| Burlington | 2.61% | 2.97% | 3.07% | 3.52% | 3.99% |
| Camden | 2.82% | 2.95% | 3.17% | 3.35% | 3.75% |
| Cape May | 0.49% | 0.72% | 1.07% | 1.48% | 1.69% |
| Cumberland | 2.50% | 2.50% | 2.69% | 2.86% | 4.07% |
| Essex | 2.33% | 2.91% | 3.51% | 3.74% | 4.44% |
| Gloucester | 2.57% | 2.77% | 2.83% | 2.90% | 3.41% |
| Hudson | 1.58% | 1.60% | 2.12% | 2.63% | 7.76% |
| Hunterdon | 2.31% | 2.53% | 2.66% | 2.82% | 3.23% |
| Mercer | 2.88% | 2.99% | 3.25% | 3.60% | 5.46% |
| Middlesex | 2.33% | 2.74% | 5.10% | 6.59% | 11.54% |
| Monmouth | 1.34% | 1.66% | 1.86% | 2.09% | 2.34% |
| Morris | 1.91% | 2.34% | 2.63% | 2.81% | 3.16% |
| Ocean | 1.48% | 1.67% | 2.26% | 2.42% | 2.63% |
| Passaic | 2.95% | 3.81% | 4.57% | 5.65% | 5.71% |
| Salem | 2.79% | 3.18% | 3.71% | 4.75% | 5.05% |
| Somerset | 1.85% | 2.00% | 2.05% | 2.23% | 3.22% |
| Sussex | 2.82% | 2.88% | 3.40% | 3.43% | 4.23% |
| Union | N/A | N/A | N/A | N/A | N/A |
| Warren | 2.47% | 2.97% | 3.47% | 3.94% | 4.09% |
Source: Ownwell
Property Tax Assessment Values Across New Jersey
When examining property taxes in New Jersey, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by factors such as location, property condition, and economic market trends. Market value is estimated by each New Jersey county assessor for tax purposes. The assessed value is then the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes, or the amount multiplied by your tax rate to get your tax bill. Assessment notices in New Jersey are sent in the spring each year. They should reach your mailbox typically by the end of April. Each property owner receives an assessment notice that contains both the market value and assessed value along with an estimate of your property tax bill. For example, Essex County has the highest median tax bill at $11,297, while Cumberland County has the lowest median tax bill at $4,561. By providing insights into how assessed values and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in New Jersey.
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across New Jersey
| County | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Atlantic | $75,000 | $125,200 | $186,700 | $267,800 | $407,400 |
| Bergen | $253,200 | $314,600 | $421,800 | $587,700 | $836,240 |
| Burlington | $119,700 | $155,500 | $210,600 | $289,700 | $394,000 |
| Camden | $78,359 | $152,887 | $216,803 | $285,126 | $375,342 |
| Cape May | $188,181 | $281,700 | $477,646 | $870,559 | $1,527,929 |
| Cumberland | $77,501 | $124,052 | $168,564 | $221,024 | $284,048 |
| Essex | $141,000 | $216,300 | $335,900 | $500,000 | $752,500 |
| Gloucester | $148,872 | $187,606 | $246,529 | $326,954 | $420,191 |
| Hudson | $94,800 | $186,400 | $357,200 | $541,400 | $774,400 |
| Hunterdon | $193,600 | $267,300 | $364,050 | $488,425 | $617,770 |
| Mercer | $54,300 | $131,600 | $216,500 | $356,700 | $593,200 |
| Middlesex | $71,600 | $103,500 | $158,000 | $255,600 | $382,700 |
| Monmouth | $252,700 | $342,100 | $467,900 | $652,200 | $916,900 |
| Morris | $221,800 | $287,400 | $381,800 | $529,900 | $744,100 |
| Ocean | $127,200 | $188,500 | $281,800 | $423,100 | $689,600 |
| Passaic | $137,600 | $171,300 | $226,800 | $299,500 | $382,600 |
| Salem | $66,900 | $110,700 | $154,700 | $212,300 | $282,150 |
| Somerset | $229,700 | $291,400 | $415,100 | $588,600 | $804,300 |
| Sussex | $124,400 | $173,300 | $229,300 | $305,100 | $406,400 |
| Union | N/A | N/A | N/A | N/A | N/A |
| Warren | $104,250 | $144,500 | $207,000 | $288,800 | $357,400 |
Source: Ownwell
Property Tax Bills Across New Jersey
In New Jersey, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by local assessors who evaluate the property’s market value. This assessed value is then multiplied by the tax rate set by local governments, which can vary significantly across different counties. Homeowners in New Jersey experience some of the highest property taxes in the nation, with a median property tax rate well above the national median of 0.99%. For instance, Essex County has the highest median tax bill at $11,297, whereas Cumberland County has the lowest at $4,561. The tax bill can range widely depending on the property's value, with the 25th percentile tax bill at $5,712 and the 90th percentile reaching up to $15,340. These high property taxes can significantly impact homeowners, influencing decisions on buying, selling, and maintaining properties. Homeowners need to be aware of these factors and consider them when budgeting for homeownership costs in New Jersey.
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across New Jersey
| County | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Atlantic | $2,498 | $4,144 | $5,716 | $7,600 | $10,083 |
| Bergen | $6,974 | $9,009 | $11,253 | $14,593 | $19,588 |
| Burlington | $3,793 | $5,064 | $6,846 | $9,046 | $11,947 |
| Camden | $2,350 | $5,155 | $7,089 | $9,139 | $11,841 |
| Cape May | $2,220 | $3,467 | $5,051 | $7,002 | $10,533 |
| Cumberland | $2,460 | $3,461 | $4,561 | $5,928 | $7,582 |
| Essex | $5,547 | $8,193 | $11,297 | $15,125 | $21,948 |
| Gloucester | $4,357 | $5,467 | $7,106 | $9,251 | $11,613 |
| Hudson | $3,874 | $5,927 | $8,581 | $11,546 | $15,169 |
| Hunterdon | $5,626 | $7,464 | $10,015 | $13,018 | $16,270 |
| Mercer | $2,718 | $4,633 | $7,200 | $11,330 | $16,907 |
| Middlesex | $3,933 | $5,880 | $7,840 | $10,453 | $13,690 |
| Monmouth | $4,675 | $6,399 | $8,714 | $11,631 | $15,551 |
| Morris | $5,754 | $7,518 | $9,778 | $12,908 | $17,321 |
| Ocean | $2,731 | $4,206 | $5,983 | $8,366 | $11,584 |
| Passaic | $6,168 | $8,023 | $9,911 | $12,272 | $15,237 |
| Salem | $2,781 | $4,022 | $5,715 | $7,733 | $10,103 |
| Somerset | $4,987 | $6,722 | $9,311 | $12,735 | $17,639 |
| Sussex | $4,129 | $5,689 | $7,518 | $9,852 | $13,295 |
| Union | N/A | N/A | N/A | N/A | N/A |
| Warren | $3,788 | $5,178 | $6,901 | $9,281 | $11,742 |
Source: Ownwell