Trenton, New Jersey Property Taxes
The median property tax rate in Trenton, 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 Trenton, the typical annual property tax bill reaches $7,644, exceeding the national median of $2,690. Property taxes in Trenton 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 Trenton'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 Trenton 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
Trenton, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.49%
Estimate Property Tax Bill
$7,610
$7,062
Ownwell’s Trenton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Trenton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Trenton 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 Trenton, New Jersey
Property taxes in Trenton, New Jersey, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Trenton is 3.49%, significantly higher than the U.S. national median of 0.99%. Local government entities within Trenton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Trenton 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 Trenton's effective property tax rate to other areas in New Jersey and the national median. For comparison, the 08610 zip code has the highest median property tax rate of 3.49%, while the 08638 zip code has the lowest median tax rate of 3.07%. Understanding how these cities compare with Trenton 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 Trenton 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 Trenton, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08610 | 3.49% | 3.49% | 3.49% | 3.49% | 3.49% |
| 08620 | 3.49% | 3.49% | 3.49% | 3.49% | 3.49% |
| 08638 | 3.07% | 3.07% | 3.07% | 3.07% | 3.07% |
Source: Ownwell
Property Tax Assessment Values Across Trenton, New Jersey
In Trenton, 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 Assessor 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 Trenton, 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 Trenton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest median tax bill is found in the 08620 zip code at $8,398, while the lowest is in the 08610 zip code at $6,160.
Average Trenton Assessed Value
$218,050
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 Trenton, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08610 | $144,650 | $160,275 | $176,400 | $198,675 | $223,650 |
| 08620 | $151,160 | $186,600 | $240,500 | $293,000 | $335,640 |
| 08638 | $210,600 | $210,600 | $210,600 | $210,600 | $210,600 |
Source: Ownwell
Property Tax Bills Across Trenton, New Jersey
In Trenton, property tax bills are calculated by multiplying the assessed value of a property by the local tax rate. The assessed value is determined by the municipal assessor and is typically a percentage of the property's market value. Factors such as property size, location, and improvements can influence this assessed value. For homeowners in Trenton, the median home price stands at $218,050. Property tax bills can vary significantly, with the 25th percentile at $6,010 and the 75th percentile at $9,848. The 90th percentile reaches up to $11,361. Notably, the highest median tax bill in Trenton is found in the 08620 zip code, amounting to $8,398, while the lowest is in the 08610 zip code at $6,160. Compared to the national median property tax rate of 0.99%, Trenton's tax rates can be considerably higher, impacting homeowners' annual expenses. This significant variation underscores the importance of understanding local property tax assessments and rates.
Average Trenton Tax Bill
$7,644
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 Trenton, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08610 | $5,051 | $5,597 | $6,160 | $6,933 | $7,810 |
| 08620 | $5,279 | $6,516 | $8,398 | $10,232 | $11,721 |
| 08638 | $6,463 | $6,463 | $6,463 | $6,463 | $6,463 |
Source: Ownwell