Millstone Township, New Jersey Property Taxes
The median property tax rate in Millstone Township, NJ is 3.20%, 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 Millstone Township at $527,600, the typical annual property tax bill reaches $16,878, far exceeding the national median of $2,690. Property taxes in Millstone Township 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 Millstone Township'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 Millstone Township 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
Millstone Township, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.2%
Estimate Property Tax Bill
$16,883
$15,667
Ownwell’s Millstone Township Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Millstone Township with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Millstone Township 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 Millstone Township, New Jersey
Property taxes in Millstone Township, NJ, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Millstone Township is 3.20%, significantly higher than the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Millstone Township set these rates annually, and they can vary significantly across different neighborhoods. Each year, Millstone Township 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 Millstone Township's effective property tax rate to other areas in New Jersey and the national median. For comparison, the zip code 08535 has the highest median property tax rate of 3.20%, while the same zip code also has the lowest median tax rate of 3.20%. Understanding how these areas compare with Millstone Township provides valuable insights into the varying tax landscape across Mercer County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Millstone Township Tax Rate
3.20%
Average Mercer County Tax Rate
3.25%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Millstone Township, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08535 | 3.20% | 3.20% | 3.20% | 3.20% | 3.20% |
Source: Ownwell
Property Tax Assessment Values Across Millstone Township, New Jersey
In Millstone Township, 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. Assessment notices in Millstone Township 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 Millstone Township helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $16,878, found in zip code 08535.
Property Tax Assessment Values Across Millstone Township, New Jersey
Source: Ownwell
$42,000
$637,025
$1,232,050
Average Millstone Township Assessed Value
$527,600
Average Mercer County Assessed Value
$216,500
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Millstone Township, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08535 | $527,600 | $527,600 | $527,600 | $527,600 | $527,600 |
Source: Ownwell
Property Tax Bills Across Millstone Township, New Jersey
In Millstone Township, 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 township's assessor and is meant to reflect the market value of the property. In this area, homeowners face a significant property tax burden, with the median home price being $527,600. The property tax bills are notably high, with the 25th, 75th, and 90th percentiles all reporting a tax bill of $16,878, which is significantly above the national median property tax rate of 0.99%. Several factors contribute to the calculation of property taxes, including the township's budget needs, school funding, and other municipal services. High property taxes can affect homeowners by increasing their monthly housing costs, potentially making it more challenging to afford their homes. This can also impact the overall real estate market, influencing both buying and selling decisions. Understanding these factors is crucial for homeowners to manage their finances effectively and anticipate future tax liabilities.
Average Millstone Township Tax Bill
$16,878
Average Mercer County Tax Bill
$7,200
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Millstone Township, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08535 | $16,878 | $16,878 | $16,878 | $16,878 | $16,878 |
Source: Ownwell