Bloomsbury, New Jersey Property Taxes
The median property tax rate in Bloomsbury, NJ is 3.06%, 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 Bloomsbury, the typical annual property tax bill reaches $7,921, exceeding the national median of $2,690. Property taxes in Bloomsbury 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 Bloomsbury'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 Bloomsbury 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
Bloomsbury, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.06%
Estimate Property Tax Bill
$7,809
Ownwell’s Bloomsbury Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Bloomsbury with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bloomsbury to provide an estimated property tax bill. This insightful tool helps you understand potential tax liabilities. For those interested in seeing trends at the neighborhood level, more localized information is available below. Your property’s assessed value is the value assigned by Hunterdon County for property tax calculations, accounting for any applicable exemptions.
Property Tax Rates Across Bloomsbury, New Jersey
Property taxes in Bloomsbury, 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 Bloomsbury is 3.06%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Bloomsbury set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bloomsbury 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 Bloomsbury's effective property tax rate to other areas in New Jersey and the national median. For comparison, the 08804 zip code has the highest median property tax rate of 3.06%, while the 08804 zip code also has the lowest median tax rate of 3.06%. Understanding how these areas compare with Bloomsbury provides valuable insights into the varying tax landscape across Hunterdon County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bloomsbury Tax Rate
3.06%
Average Hunterdon County Tax Rate
2.66%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bloomsbury, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08804 | 2.77% | 3.03% | 3.06% | 3.28% | 3.28% |
Source: Ownwell
Property Tax Assessment Values Across Bloomsbury, New Jersey
In Bloomsbury, 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 Hunterdon 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 Bloomsbury, 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 highest median tax bill in Bloomsbury is $7,921 in the 08804 zip code, which also happens to have the lowest median tax bill of $7,921. 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 Bloomsbury helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Bloomsbury Assessed Value
$255,200
Average Hunterdon County Assessed Value
$364,050
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bloomsbury, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08804 | $166,800 | $202,900 | $255,200 | $331,700 | $425,800 |
Source: Ownwell
Property Tax Bills Across Bloomsbury, New Jersey
In Bloomsbury, located in Hunterdon County, NJ, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Bloomsbury is $255,200. Homeowners in this region can expect tax bills to vary significantly, with the 25th percentile paying around $6,444 and the 75th percentile facing bills of approximately $9,935. At the 90th percentile, tax bills can reach up to $12,768. These tax bills are influenced by several factors, including the assessed value of the property and the specific tax rate set by local authorities. This rate is applied to the assessed value to determine the annual tax bill. For homeowners, this means that higher property values or increased tax rates can lead to higher tax obligations. Comparatively, the national median property tax rate is 0.99%, making Bloomsbury's property taxes notably higher. This can impact the affordability of homeownership and influence financial planning for residents in the area.
Average Bloomsbury Tax Bill
$7,921
Average Hunterdon County Tax Bill
$10,015
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Bloomsbury, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08804 | $5,359 | $6,444 | $7,921 | $9,935 | $12,768 |
Source: Ownwell