Kearny, New Jersey Property Taxes
The median property tax rate in Kearny, NJ is 10.54%, significantly higher than both the national median of 0.99% and the New Jersey state median of 2.82%. With the median home value in Kearny at $94,600, the typical annual property tax bill reaches $9,909, far exceeding the national median of $2,690. Property taxes in Kearny are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Kearny'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 Kearny 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
Kearny, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
10.54%
Estimate Property Tax Bill
$9,971
Ownwell’s Kearny Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Kearny with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Kearny 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 Kearny, New Jersey
Property taxes in Kearny, New Jersey, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Kearny is 10.54%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Kearny set these rates annually, and they can vary significantly across different neighborhoods. Each year, Kearny 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 Kearny's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 07032 zip code has the highest median property tax rate of 10.54%, while the 07032 zip code also has the lowest median tax rate of 10.54%. Understanding how these cities compare with Kearny provides valuable insights into the varying tax landscape across Hudson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Kearny Tax Rate
10.54%
Average Hudson County Tax Rate
2.12%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Kearny, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07032 | 10.54% | 10.54% | 10.54% | 10.54% | 10.54% |
Source: Ownwell
Property Tax Assessment Values Across Kearny, New Jersey
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Kearny, NJ. The market value represents the price a willing buyer would pay a willing seller in an open market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Hudson 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 Kearny, 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. The median home price in Kearny is $94,600, with property tax bills ranging from $8,286 at the 25th percentile to $14,095 at the 90th percentile. The zip code with the highest median tax bill is 07032, which also has the lowest median tax bill, both at $9,909. Understanding these valuation concepts helps property owners navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Kearny Assessed Value
$94,600
Average Hudson County Assessed Value
$357,200
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Kearny, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07032 | $66,600 | $79,100 | $94,600 | $115,100 | $134,900 |
Source: Ownwell
Property Tax Bills Across Kearny, New Jersey
In Kearny, NJ, 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 town's assessor and is intended to reflect the market value of the property. Once the assessed value is established, it is multiplied by the local tax rate to calculate the annual tax bill. Several factors influence this calculation, including the property's location, size, and condition. In Kearny, the median home price is $94,600, and the property tax rate is significantly higher than the national median of 0.99%. Homeowners in Kearny can expect to pay a median tax bill of $9,909, with the 25th percentile paying around $8,286 and the 75th percentile paying up to $12,018. These high property taxes can significantly impact homeowners, often resulting in a substantial portion of their annual budget going towards property taxes. This can affect affordability and the overall cost of living in the area.
Average Kearny Tax Bill
$9,909
Average Hudson County Tax Bill
$8,581
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Kearny, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07032 | $7,000 | $8,286 | $9,909 | $12,018 | $14,095 |
Source: Ownwell