Titusville, New Jersey Property Taxes
The median property tax rate in Titusville, NJ is 2.09%, 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 Titusville at $974,900, the typical annual property tax bill reaches $20,356, far exceeding the national median of $2,690. Property taxes in Titusville 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 Titusville'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 Titusville 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
Titusville, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.09%
Estimate Property Tax Bill
$20,375
$18,908
Ownwell’s Titusville Property Tax Bill Calculator offers homeowners, real estate investors, and potential buyers a simple way to estimate annual property taxes in Titusville using just two data points. By entering your property's estimated assessed value, the calculator utilizes the median tax rate in Titusville to project your property tax bill. This valuable tool provides clarity on potential tax liabilities, helping you make informed decisions. For those interested in more detailed trends at a neighborhood level, additional localized information is available below. Your property’s assessed value, determined by the county for tax purposes, considers any applicable exemptions, ensuring an accurate estimate.
Property Tax Rates Across Titusville, New Jersey
Property taxes in Titusville, New Jersey, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Titusville is 2.09%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Titusville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Titusville 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 Titusville's effective property tax rate to other areas in New Jersey and the national median. For comparison, the 08560 ZIP code has the highest median property tax rate of 2.09%, while the same ZIP code also has the lowest median tax rate of 2.09%. Understanding how these rates compare with Titusville 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 Titusville Tax Rate
2.09%
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 Titusville, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08560 | 2.09% | 2.09% | 2.09% | 2.09% | 2.09% |
Source: Ownwell
Property Tax Assessment Values Across Titusville, New Jersey
In Titusville, 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 local 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 Titusville, 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 Titusville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 08560 has the highest and lowest median tax bills, both at $20,356, reflecting the uniformity in tax assessments within the area.
Average Titusville Assessed Value
$974,900
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 Titusville, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08560 | $682,020 | $791,850 | $974,900 | $994,450 | $1,006,180 |
Source: Ownwell
Property Tax Bills Across Titusville, New Jersey
In Titusville, NJ, located in Hunterdon County, 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 local tax assessor, who evaluates the property’s market value. This assessed value is then multiplied by the tax rate to calculate the annual property tax bill. Several factors influence the tax bill, including property size, location, and market conditions. For instance, the median home price in Titusville is $974,900, which significantly impacts the tax calculations. Homeowners in this area can expect to pay a substantial property tax, with the 25th percentile tax bill at $16,534 and the 75th percentile reaching $20,764. The highest median tax bill in the region is $20,356, reflecting the higher valuation of properties in this affluent area. These property taxes fund local services such as schools, police, and infrastructure, directly affecting homeowners by contributing to community quality and property values.
Average Titusville Tax Bill
$20,356
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 Titusville, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08560 | $14,241 | $16,534 | $20,356 | $20,764 | $21,009 |
Source: Ownwell