Short Hills, New Jersey Property Taxes
The median property tax rate in Short Hills, NJ is 1.94%, 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 Short Hills at $1,350,000, the typical annual property tax bill reaches $26,230, far exceeding the national median of $2,690. Property taxes in Short Hills 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 Short Hills' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Short Hills 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
Short Hills, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.94%
Estimate Property Tax Bill
$26,190
Ownwell’s Short Hills Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Short Hills with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Short Hills 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 Short Hills, New Jersey
Property taxes in Short Hills, New Jersey, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Short Hills is 1.94%, significantly higher than the U.S. national median of 0.99%. Local government entities within Short Hills set these rates annually, and they can vary significantly across different neighborhoods. Each year, Short Hills 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 Short Hills' effective property tax rate to other areas and the national median. For comparison, the 07078 zip code has the highest median property tax rate of 1.94%, while the same zip code also has the lowest median tax rate of 1.94%. Understanding how these figures compare with Short Hills provides valuable insights into the varying tax landscape across Essex County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Short Hills Tax Rate
1.94%
Average Essex County Tax Rate
3.51%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Short Hills, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07078 | 1.94% | 1.94% | 1.94% | 1.94% | 1.94% |
Source: Ownwell
Property Tax Assessment Values Across Short Hills, New Jersey
In Short Hills, 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 Essex 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 Short Hills, 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. The median home price in Short Hills is $1,350,000, with tax bills ranging from $21,050 at the 25th percentile to $48,575 at the 90th percentile. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Short Hills, New Jersey
Source: Ownwell
$16,100
$687,250
$1,358,400
Average Short Hills Assessed Value
$1,350,000
Average Essex County Assessed Value
$335,900
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Short Hills, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07078 | $906,480 | $1,084,000 | $1,350,000 | $1,815,900 | $2,500,000 |
Source: Ownwell
Property Tax Bills Across Short Hills, New Jersey
In Short Hills, Essex County, NJ, property tax bills are calculated by multiplying the assessed value of a home by the local tax rate. The assessed value is determined by the local tax assessor and is meant to reflect the market value of the property. In Short Hills, where the median home price is $1,350,000, homeowners can expect substantial tax bills. For instance, property tax bills in the 25th percentile are around $21,050, whereas those in the 75th percentile reach up to $35,281. The 90th percentile sees even higher bills, approximately $48,575. These figures significantly exceed the national median property tax rate of 0.99%, illustrating the high property tax burden in this affluent area. Factors such as home improvements, neighborhood developments, and market trends can influence the assessed value, thereby affecting the tax bill. High property taxes can impact homeowners by increasing annual expenses and potentially affecting the resale value of their properties.
Average Short Hills Tax Bill
$26,230
Average Essex County Tax Bill
$11,297
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Short Hills, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07078 | $17,609 | $21,050 | $26,230 | $35,281 | $48,575 |
Source: Ownwell