Union City, New Jersey Property Taxes
The median property tax rate in Union City, NJ is 7.41%, 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 Union City at $129,000, the typical annual property tax bill reaches $9,534, far exceeding the national median of $2,690. Property taxes in Union City are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence exemption. Understanding Union City's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Union City 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
Union City, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
7.41%
Estimate Property Tax Bill
$9,559
$8,870
Ownwell’s Union City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Union City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Union City 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 Union City, New Jersey
Property taxes in Union City, New Jersey, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Union City is 7.41%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Union City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Union City 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 Union City's effective property tax rate to other counties in New Jersey and the national median. For comparison, the zip code 07087 has the highest median property tax rate of 7.41%, while the lowest median tax rate is also 7.41% in the same zip code. Understanding how these cities compare with Union City 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 Union City Tax Rate
7.41%
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 Union City, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07087 | 7.41% | 7.41% | 7.41% | 7.41% | 7.41% |
Source: Ownwell
Property Tax Assessment Values Across Union City, New Jersey
In Union City, 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 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 Union City, 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 Union City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 07087 has the highest median tax bill at $9,534.
Average Union City Assessed Value
$129,000
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 Union City, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07087 | $34,800 | $73,600 | $129,000 | $160,900 | $190,080 |
Source: Ownwell
Property Tax Bills Across Union City, New Jersey
In Union City, NJ, property tax bills are calculated based on the assessed value of the property and the local tax rate set by Hudson County. The assessed value is a percentage of the property's market value, determined by the local tax assessor. For example, a median home price of $129,000 in Union City results in varying tax bills depending on the assessed value and the specific tax rate applied. Factors influencing the tax bill include the property's location, size, and any improvements made. In Union City, the tax bill for the 25th percentile is $5,361, while it rises to $11,858 for the 75th percentile and $14,081 for the 90th percentile. These figures illustrate the range of property tax obligations homeowners might face. Homeowners in Union City, NJ, pay higher property tax bills compared to the national median property tax rate of 0.99%. This higher tax burden can impact household budgets, making it crucial for homeowners to understand their property’s assessed value and the factors influencing their tax bills.
Average Union City Tax Bill
$9,534
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 Union City, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07087 | $2,542 | $5,361 | $9,534 | $11,858 | $14,081 |
Source: Ownwell