Hamilton, New Jersey Property Taxes
The median property tax rate in Hamilton, NJ is 3.49%, 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 Hamilton at $211,800, the typical annual property tax bill reaches $7,396, exceeding the national median of $2,690. Property taxes in Hamilton 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 Hamilton'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 Hamilton 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
Hamilton, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.49%
Estimate Property Tax Bill
$7,392
Ownwell’s Hamilton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hamilton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hamilton 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 Hamilton, New Jersey
Property taxes in Hamilton, 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 Hamilton is 3.49%, significantly higher than the U.S. national median of 0.99%. Local government entities within Hamilton set these rates annually, and they can vary across different neighborhoods. Each year, Hamilton 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 Hamilton's effective property tax rate to other counties in New Jersey and the national median. For comparison, the zip code 08620 has both the highest and lowest median property tax rate of 3.49%. Understanding how these areas compare with Hamilton provides valuable insights into the varying tax landscape across Burlington County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hamilton Tax Rate
3.49%
Average Burlington County Tax Rate
3.07%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hamilton, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08620 | 3.49% | 3.49% | 3.49% | 3.49% | 3.49% |
Source: Ownwell
Property Tax Assessment Values Across Hamilton, New Jersey
In Hamilton, 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 Burlington 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 Hamilton, 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. For instance, the median home price is $211,800, with tax bills ranging from $6,757 at the 25th percentile to $9,636 at the 90th percentile. The zip code 08620 has the highest and lowest median tax bill at $7,396. 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 Hamilton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Hamilton Assessed Value
$211,800
Average Burlington County Assessed Value
$210,600
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hamilton, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08620 | $186,240 | $193,500 | $211,800 | $234,900 | $275,940 |
Source: Ownwell
Property Tax Bills Across Hamilton, New Jersey
In Hamilton, NJ, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the city's tax assessor, reflecting the property's market value. This value is then multiplied by the local tax rate to compute the annual tax bill. For example, with a median home price of $211,800, homeowners can expect varying tax bills depending on their property's assessed value and specific location within Hamilton. Factors such as property improvements, neighborhood developments, and market conditions can influence the assessed value, thereby affecting the tax bill. Homeowners in Hamilton experience a range of property tax bills, with the 25th percentile at $6,757 and the 75th percentile at $8,203. The tax burden can be significant, especially when compared to the national median property tax rate of 0.99%. Homeowners should be aware of these factors to understand their tax obligations better and potentially explore options for appealing their assessments if they believe their property has been over-assessed.
Average Hamilton Tax Bill
$7,396
Average Burlington County Tax Bill
$6,846
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Hamilton, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08620 | $6,504 | $6,757 | $7,396 | $8,203 | $9,636 |
Source: Ownwell