Rosemont, New Jersey Property Taxes
The median property tax rate in Rosemont, NJ is 2.58%, 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 Rosemont at $568,900, the typical annual property tax bill reaches $14,700, exceeding the national median of $2,690. Property taxes in Rosemont 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 Rosemont'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 Rosemont 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
Rosemont, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.58%
Estimate Property Tax Bill
$14,678
Ownwell's Rosemont Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Rosemont with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Rosemont 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 Rosemont, New Jersey
Property taxes in Rosemont, New Jersey, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Rosemont is 2.58%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Rosemont set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rosemont 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 Rosemont's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 08556 zip code has the highest median property tax rate of 2.58%, while the 08556 zip code also has the lowest median tax rate of 2.58%. Understanding how these cities compare with Rosemont 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 Rosemont Tax Rate
2.58%
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 Rosemont, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08556 | 2.58% | 2.58% | 2.58% | 2.58% | 2.59% |
Source: Ownwell
Property Tax Assessment Values Across Rosemont, New Jersey
In Rosemont, 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 Assessment Office 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 Rosemont, 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 Rosemont helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bill in Rosemont is $14,700, both found in the 08556 zip code.
Average Rosemont Assessed Value
$568,900
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 Rosemont, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08556 | $340,120 | $418,900 | $568,900 | $681,300 | $705,540 |
Source: Ownwell
Property Tax Bills Across Rosemont, New Jersey
In Rosemont, located in Hunterdon County, 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 local government assessments, which aim to reflect a property's market value. Once the assessed value is established, it is multiplied by the local tax rate to calculate the annual tax bill. For instance, with a median home price of $568,900, homeowners in Rosemont face significant tax bills. Tax bills vary widely, with the 25th percentile at $10,824 and the 75th percentile reaching $17,605. The 90th percentile tax bill can be as high as $18,300. Homeowners in the zip code 08556 experience a median tax bill of $14,700, which is notably higher than the national median property tax rate of 0.99%. These substantial property tax bills can significantly impact homeowners, influencing their financial planning and overall cost of living.
Average Rosemont Tax Bill
$14,700
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 Rosemont, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08556 | $8,789 | $10,824 | $14,700 | $17,605 | $18,300 |
Source: Ownwell