Princeton Jct, New Jersey Property Taxes
The median property tax rate in Princeton Junction, NJ is 2.88%, 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 Princeton Junction at $386,900, the typical annual property tax bill reaches $11,143, far exceeding the national median of $2,690. Property taxes in Princeton Junction 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 Princeton Junction'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 Princeton Junction or another part of Mercer County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Princeton Jct, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.88%
Estimate Property Tax Bill
$11,143
$10,340
Ownwell’s Princeton Jct Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Princeton Jct with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Princeton Jct 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 Princeton Jct, New Jersey
Property taxes in Princeton Jct, New Jersey, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Princeton Jct is 2.88%, significantly higher than the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Princeton Jct set these rates annually, and they can vary significantly across different neighborhoods. Each year, Princeton Jct 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 Princeton Jct's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 08550 zip code has the highest median property tax rate of 2.88%, while the same zip code also has the lowest median tax rate of 2.88%. Understanding how these cities compare with Princeton Jct 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 Princeton Jct Tax Rate
2.88%
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 Princeton Jct, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08550 | 2.88% | 2.88% | 2.88% | 2.88% | 2.88% |
Source: Ownwell
Property Tax Assessment Values Across Princeton Jct, New Jersey
In PRINCETON JCT, 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 Mercer 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 PRINCETON JCT, 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 PRINCETON JCT helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in PRINCETON JCT are both $11,143, found in the 08550 zip code.
Property Tax Assessment Values Across Princeton Jct, New Jersey
Source: Ownwell
$42,000
$637,025
$1,232,050
Average Princeton Jct Assessed Value
$386,900
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 Princeton Jct, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08550 | $386,900 | $386,900 | $386,900 | $386,900 | $386,900 |
Source: Ownwell
Property Tax Bills Across Princeton Jct, New Jersey
In Princeton Junction, Mercer County, NJ, property tax bills are calculated based on the assessed value of the property and the tax rate set by local authorities. The assessed value is determined by the local assessor's office, which evaluates the market value of the property. This assessed value is then multiplied by the local tax rate to calculate the annual tax bill. For homeowners in Princeton Junction, the median home price is $386,900. Property tax bills in this area are notably high, with the median tax bill reaching $11,143. This figure is significantly above the national median property tax rate of 0.99%. Factors influencing these high tax bills include local government budgets, school district funding, and public services. High property taxes can impact homeowners by increasing the overall cost of owning a home, potentially affecting affordability and resale value. Understanding how these taxes are calculated can help homeowners plan their finances better and potentially explore options for tax appeals or exemptions.
Average Princeton Jct Tax Bill
$11,143
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 Princeton Jct, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08550 | $11,143 | $11,143 | $11,143 | $11,143 | $11,143 |
Source: Ownwell