Stockton, New Jersey Property Taxes
The median property tax rate in Stockton, NJ is 2.58%, significantly higher than both the national median of 0.99% and the New Jersey state median of 2.82%. With a median home value of $377,950 in Stockton, the typical annual property tax bill reaches $9,521, far exceeding the national median of $2,690. Property taxes in Stockton are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Stockton'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 Stockton or another part of the city, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Stockton, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.58%
Estimate Property Tax Bill
$9,751
$9,049
Ownwell’s Stockton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Stockton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Stockton 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 Stockton, New Jersey
Property taxes in Stockton, 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 Stockton stands at 2.58%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Stockton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Stockton 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 Stockton's effective property tax rate to other counties in New Jersey and the national median. For comparison, the zip code 08559 has the highest median property tax rate of 2.58%, while the same zip code also has the lowest median tax rate of 2.58%. Understanding how these cities compare with Stockton 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 Stockton 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 Stockton, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08559 | 2.26% | 2.49% | 2.58% | 2.58% | 2.58% |
Source: Ownwell
Property Tax Assessment Values Across Stockton, New Jersey
In Stockton, 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. Assessment notices in Stockton 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 08559 has both the highest and lowest median tax bill at $9,521.
Average Stockton Assessed Value
$377,950
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 Stockton, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08559 | $246,090 | $298,400 | $377,950 | $477,675 | $627,120 |
Source: Ownwell
Property Tax Bills Across Stockton, New Jersey
In Stockton, NJ, property tax bills are determined based on the assessed value of a home and the local tax rate set by Hunterdon County. Homeowners in Stockton face one of the highest median property tax bills in the nation, with the median home price at $377,950. The tax bill for the 25th percentile is $7,534, while the 75th percentile reaches $12,089, and the 90th percentile can be as high as $16,018. The tax rate applied to the assessed value of the property is crucial in calculating the final tax bill. Factors such as local budget needs, school funding, and public services significantly influence this rate. Homeowners must account for these elements, as they directly impact the amount they owe annually. Compared to the national median property tax rate of 0.99%, Stockton's rates are notably higher, reflecting the region's demand for well-funded public amenities and services. This can lead to substantial financial obligations for homeowners, emphasizing the importance of understanding local tax policies and potential exemptions.
Average Stockton Tax Bill
$9,521
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 Stockton, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08559 | $6,166 | $7,534 | $9,521 | $12,089 | $16,018 |
Source: Ownwell