Pennington, Mercer County, New Jersey Property Taxes

Name: Property Tax Bills Across Pennington, Mercer County, New Jersey
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Pennington, NJ effective property tax rate: 2.99%, significantly higher than the national median of 1.02%, but lower than the NJ state median of 2.82%.
Median Pennington, NJ home value: $415,300
Median annual Pennington, NJ tax bill: $12,325, $9,925 higher than the national median property tax bill of $2,400.

How are property taxes in Mercer calculated?

Property taxes in Pennington, NJ are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding Pennington’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Pennington, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Pennington, Mercer County, New Jersey Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.99%

Estimate Property Tax Bill

$12,417

$11,523

Ownwell’s Pennington Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Pennington with just two data points. By entering your property's estimated assessed value, our calculator applies Pennington’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Mercer County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Pennington, Mercer County, New Jersey

Local government entities set tax rates, which can vary widely within a state. Each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process.

In Pennington, located in Mercer County, NJ, the effective property tax rate stands out significantly when compared to other cities in New Jersey and across the United States. With a median property tax rate of 2.99%, Pennington's rate is notably higher than the national median of 1.02%. This makes it one of the highest in the region. Despite this, it's essential to consider the quality and extent of services funded by these taxes, which often include public schools, emergency services, and infrastructure maintenance. Understanding these rates is crucial for homeowners and prospective buyers, as they directly impact the overall cost of property ownership. Comparing these rates with state and national figures can provide valuable insights into the local tax landscape.

Property Tax Rates Across Pennington, Mercer County, New Jersey

Source: Ownwell

2.43%

3.94%

5.46%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Pennington Tax Rate

2.99%

Median Effective Mercer County Tax Rate

3.25%

Median Effective New Jersey Tax Rate

2.82%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Pennington, Mercer County, New Jersey

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
08534	2.83%	2.99%	2.99%	2.99%	2.99%

Source: Ownwell

Property Tax Assessment Values Across Pennington, Mercer County, New Jersey

When examining property taxes in Pennington, NJ, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Mercer County appraisal district estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill. Assessment notices: In Mercer County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Pennington. For example, the median home price in Pennington is $415,300, with tax bills ranging significantly across the county. Zip code 08534 has the highest median home price at $415,300.

Property Tax Assessment Values Across Pennington, Mercer County, New Jersey

Source: Ownwell

$42,000

$637,025

$1,232,050

Median Pennington Market Value

$415,300

Median Mercer County Market Value

$216,500

Median New Jersey Market Value

$282,900

Median United States Market Value

$235,294

Property Tax Assessment Values Across Pennington, Mercer County, New Jersey

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
08534	$271,400	$319,100	$415,300	$564,800	$719,020

Source: Ownwell

Property Tax Bills Across Pennington, Mercer County, New Jersey

In Pennington, NJ, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The tax rate in Mercer County is notably higher than the national median property tax rate of 1.02%, resulting in substantial tax bills for homeowners. The median home price in Pennington is $415,300, leading to a median tax bill significantly above the national median of $2,400. Factors such as property size, location, and improvements can influence the assessed value, impacting the final tax bill. This can place a considerable financial burden on homeowners, especially when tax bills fall within the 75th percentile at $16,470 or even the 90th percentile at $21,080. Ownwell offers valuable assistance to homeowners by identifying potential savings through property tax appeals and exemptions. By ensuring that property assessments are fair and accurate, Ownwell helps homeowners reduce their tax liabilities, providing relief from the high property tax burdens common in Pennington.

Property Tax Bills Across Pennington, Mercer County, New Jersey

Source: Ownwell

$2,276

$19,576

$36,875

Median Pennington Tax Bill

$12,325

Median Mercer County Tax Bill

$7,200

Median New Jersey Tax Bill

$8,227

Median United States Tax Bill

$2,400

Property Tax Bills Across Pennington, Mercer County, New Jersey

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
08534	$8,123	$9,461	$12,325	$16,470	$21,080

Source: Ownwell